Santander offered interest only mortgage

racy_tracey

Hello,
I was hoping someone could offer advise. I have seen many adverts about mis selling of interest only mortgages. my situation is that my husband and myself lived in a semi, with a mortgage which was a mix of repayment and endowment (with an endowment policy in place). We then moved to a different house, back in 2006, the mortgage is for £124,000, with £40,000 being covered by the endowment and the remaining £80,000 on an interest only mortgage, which was taken with nothing in place to cover it and the mortgage advisor was happy with this. (Santander). At the time, I was in the same position as I am today, a stay at home mum of 3, two of whom are disabled, and for which I claim DLA. Is it possible to claim it was missold? I'm just looking for some advise.
Many thanks in advance. xx

John_G_Jones

Why do you think it was mis-sold? What have you done with the money you’ve saved by being on interest only?

I’ve three mortgages at the moment, all on interest only, which I requested and was granted, they are exactly what I wanted, should I claim mis-selling too, do you think?

poppy10_2

racy_tracey wrote: »

We then moved to a different house, back in 2006, the mortgage is for £124,000, with £40,000 being covered by the endowment and the remaining £80,000 on an interest only mortgage, which was taken with nothing in place to cover it and the mortgage advisor was happy with this.

Were you happy with this too? If not, why did you take out the mortgage?

Thrugelmir

racy_tracey wrote: »

We then moved to a different house, back in 2006, the mortgage is for £124,000, with £40,000 being covered by the endowment and the remaining £80,000 on an interest only mortgage, which was taken with nothing in place to cover it and the mortgage advisor was happy with this. (Santander).

Interest rates have fallen in the intervening period. Why haven't you taken the opportunity to pay down the interest only part of the mortgage? 12 years have now past. £80,000 is a large sum to find. Late in the day to start taking action. Remember you applied for the mortgage, it wasn't sold. We are all responsible for own own actions and decisions.

Edi81

Sounds like mis-buying.
As others have said what have you done with the money saved vs a repayment mortgage? Have you been saving it?

csgohan4

OP , sorry to say but you mis bought. Search through this forum and you will see many others trying it on as well. Doesn't work like that.


It is always someone else's fault mentality doesn't work in this case. What payment vehicle did you have in place to pay off the I/O section?

ChasingButterflies

We switched to a Santander IO mortgage in 2008, as I recall no repayment vehicle is required as they class selling the property as an adequate method of clearing the mortgage at the end of term.