Trusted Mortgage Claims

NYClaire

Anyone had any experience with claiming a mis sold mortgage? It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?

davidmcn

Were you mis-sold a mortgage? If not, then no, it's not worthwhile looking into.

dunstonh

Anyone had any experience with claiming a mis sold mortgage?

No personal experience but I have been following FOS decisions in this area.

It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?

I won't repeat everything mentioned on another thread about this made earlier in the week.

However, most mortgage complaints fail and the FOS uphold rate on mortgage complaints is lower than the average at just 1 in 4 and most of those are about mortgage admin issues and not missale. The FOS itself has said that the only real area they have concerns over is where sub prime was sold where prime would have been suitable.

Most of the CMCs active in the mortgage complaint field have up front charges or secondary charges (i.e. they say no win no fee but then hit you with fees after telling you porkies about you having a case which could get you £xxxxx but their solicitors need the money to take it further - also known as advance fee fraud). The money made is the fees they take from you.

So, why do you think you were missold?

AnotherJoe

NYClaire wrote: »

Anyone had any experience with claiming a mis sold mortgage? It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?

How did it come about that they contacted you?

amnblog

NYClaire wrote: »

It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?

That would be because it’s a claim company out to make money from you, or anyone they can find.

ronjen

is it worth checking a interest only mortgage

AnotherJoe

Depends. Are you a vulnerable adult, unable to understand the concept of only paying the interest rather than repaying the loan ? If so perhaps it's best for you to rent rather than have the responsibility of owning a house and dealing with a mortgage and working out how to repay the original loan.
Is there a responsible person who can help you with your financial decisions ? Perhaps ask them to sell your house and move you back into rented.

davidmcn

ronjen wrote: »

is it worth checking a interest only mortgage

You haven't read the comments above, have you?

ACG

Trusted Mortgage Claims - the company I reported twice in the space of a month for making unsubstantiated claims. The ASA agreed.
What does that tell you about the company?

amnblog

It tells me you have rumbled them ACG.

SonOf

ronjen wrote: »

is it worth checking a interest only mortgage

On what basis?

The FOS & FSCS have repeatedly rejected the vast majority of interest only complaints where the borrowing was taken out prior to the credit crunch.

So, why do you think yours was missold?

The FSCS have just recently criticised claims companies for speculative complaint raising on mortgage complaints and the uphold rate is as low as 5% of complaints made.

Even if you complain and succeed, the outcome takes into account any equity value you have gained on the property. So, even on successful complaints, there is usually no money paid out.