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Independent Financial Advisor or Mortgage Company?
Comments
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Am I right in assuming the below?
You bought with the intention of doing up and selling on for a profit.
The world went tits up mid renovation and you are unable to make a profit.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
explain how it was mis sold, what did you not understand by interest only?
So many this week of mis sold I/O mortgages
I think you misunderstand that wasn't the issue but the mortgage term shouldn't have exceeded my retirement age which is stated as one of the criteria for mis selling?0 -
I never intended to stay here that long, the house was a project but my personal circumstances changed dramatically.
In that case, it is hard to see why you would consider it missold.Age 67
July 2007
Currently in Negative Equity
How old are you? (so we can see what your state pension age is as 67 is the state pension age from 2028).
Mortgages past retirement are allowed. Just needs to be documented and risk warnings given. Are the risk warnings present on your suitability report/closure letter issued at the time?I think you misunderstand that wasn't the issue but the mortgage term shouldn't have exceeded my retirement age which is stated as one of the criteria for mis selling?
Where are you reading this criteria for misselling? Mortgages past retirement are allowed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Just because you are reading something online about mortgages into retirement it does not mean you have any valid claim.
You were clearly intending a short term project and your plans changed, you cannot expect the original advice to change to suit.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MooMooMagoo wrote: »I never intended to stay here that long, the house was a project but my personal circumstances changed dramatically.
That's life. Nothing that anyone else could have foreseen. Your misfortune doesn't by default become somebody elses problem unfortunately.0
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