Missold interest only mortgage

Stevoe

Does anybody know how to claim for a missold interest only mortgage

kingstreet

What made it mis-sold?

CityLite

Stevoe wrote: »

Does anybody know how to claim for a missold interest only mortgage

Complain with your evidence to support such allegation

dunstonh

It must be the first working day of the week. Another compensation chasing thread.

Does anybody know how to claim for a missold interest only mortgage

What makes you think you can claim about these?

Whilst some CMCs are advertising these, the vast majority of these complaints fail. Indeed, one CMC currently advertising on daytime TV hasnt had a single success yet but is getting people signed up as they make money from other means. Such as crowdfunding investing (the more complaints by volume, the more mugs will invest) or getting solicitors to buy packets of claims. Although many solicitors have had their fingers burnt and avoid these now. Hence the move to crowdfunding.

The general FOS position is that they have no problem with interest-only mortgages taken out before the credit crunch as the FCA had no issues at that time. There can be other failings but just being on interest only is not going to succeed as a complaint.

Even if your complaint succeeds, the general FOS outcome is to compare to where you would have been had you been renting. For most people with interest-only mortgages over the last decade, that means the monthly interest payment has been lower than equivalent rent and they have built up equity in the property and are therefore better off. So, if they sold up today, they would be in profit and can return to renting.

A recent FOS decision did actually find wrongdoing in an interest only mortgage but put the stipulation that there would only be redress if the property was sold in the next 12 months at market value and only if a loss occured over the original purchase price plus fees. Effectively the FOS made sure that the person was genuinely in s loss position and not someone trying it on.

Also worth noting that it only applies to advised mortgages. Not non-advised (that eliminates a big chunk as most banks were non-advised sales) and only after October 2004 as that is when mortgages became regulated.

So, why do you think you were missold and what do you want the seller of the mortgage to do about it?

foxy-stoat

Stevoe wrote: »

Does anybody know how to claim for a missold interest only mortgage

I have no idea....but if you have mis-bought one then I would give yourself a stiff talking to.

AnotherJoe

Stevoe wrote: »

Does anybody know how to claim for a missold interest only mortgage

yep.
You say "I claim for a missold IO mortgage"
FCA uphold your claim, look at the value of the house when you bought it and the value now and fine you that much, plus they additionally fine you the amount you've gained by paying a lower mortgage instead of rent.
Then they put you into a rental and sell your house to a grown up who takes responsibility for their own actions

csgohan4

Yes


Write a letter, addressed to yourself, 'I was missold and signed without reading the T+Cs' what are you going to give me.

minimike2

The OP will never return.

silvercar

minimike2 wrote: »

The OP will never return.

Which is a shame.

Just because regulars have seen similar threads started in the past, it is unnecessary to treat a new poster in this way.

AnotherJoe

You mean we should fully endorse lack of personal responsibility and compo chasing ?