Independent Financial Advisor or Mortgage Company?

MooMooMagoo

Hi,
Just starting the process of claiming for missold mortgage and I'm wondering who I send the complaint to independent financial advisor who submitted the application to the mortgage company or company who provided the mortgage?

:beer:

Sibz

I imagine it would depend on in which way you believe it has been miss-sold?
Who do you believe miss-advised you?

Linton

You should contact the IFA if he advised you to take out a particular mortgage which was inappropriate for your stated circumstances.

Why do you think the mortgage was mis-sold?

MooMooMagoo

The terms of the interest only mortgage took me past retirement age with no means of paying it off at the end of the term.

Thrugelmir

MooMooMagoo wrote: »

The terms of the mortgage took me past retirement age with no means of paying it off.

What were your plans at the outset to repay the mortgage?

MooMooMagoo

Sibz wrote: »

I imagine it would depend on in which way you believe it has been miss-sold?
Who do you believe miss-advised you?[/QUOTE

The advisor filled in the form and was aware of my dob and the mortgage company approved it so hence my question?

ACG

In this instance it would be the advisor you complain to.

An interest only mortgage in itself is not a miss sale however. The repayment vehicle could have been to downsize for example.

dunstonh

MooMooMagoo wrote: »

The terms of the interest only mortgage took me past retirement age with no means of paying it off at the end of the term.

How old would you be when it finished?
When did you buy the mortgage (before or after October 2004 as the first trigger point and before or after Sept 2007 as the second trigger point)?

The FOS have been routinely rejecting interest only complaints if the mortgage was taken out before the credit crunch. In a small number of cases where they have upheld the complaint, the outcome is usually to compare to renting. i.e. they take into account the rent you would have paid and offset it against the mortgage payments made and then take the equity in the property into account.

Indeed, in a recent complaint where the person was successful, the FOS decision was that the adviser only had to pay out redress if the property was sold within 12 months and the value was for les than it was paid for originally.

If you bought before October 2004 then you can forget it. That is when mortgages became regulated. So, a pre oct 2004 case is pre-regulation.

csgohan4

explain how it was mis sold, what did you not understand by interest only?




So many this week of mis sold I/O mortgages and always some one else's fault

MooMooMagoo

Thrugelmir wrote: »

What were your plans at the outset to repay the mortgage?

I never intended to stay here that long, the house was a project but my personal circumstances changed dramatically.

MooMooMagoo

dunstonh wrote: »

How old would you be when it finished?
When did you buy the mortgage (before or after October 2004 as the first trigger point and before or after Sept 2007 as the second trigger point)?

The FOS have been routinely rejecting interest only complaints if the mortgage was taken out before the credit crunch. In a small number of cases where they have upheld the complaint, the outcome is usually to compare to renting. i.e. they take into account the rent you would have paid and offset it against the mortgage payments made and then take the equity in the property into account.

Indeed, in a recent complaint where the person was successful, the FOS decision was that the adviser only had to pay out redress if the property was sold within 12 months and the value was for les than it was paid for originally.

If you bought before October 2004 then you can forget it. That is when mortgages became regulated. So, a pre oct 2004 case is pre-regulation.

Age 67
July 2007
Currently in Negative Equity