Mis-Sold Interest Only Mortgages

Freddyforrest

Hi,

I am pretty certain that I was mis-sold my mortgage, I have tried to claim but when the firm acting on my behalf contacted my mortgage company (or the company that now owns my mortgage) they were too that unless I had all the copies of the original documentation, offer letter and contract that they wouldn't be able to check if I had been mis-sold the product as they have lost/don't have the originals.

Can anyone help on this, how do i proceed etc?

Socajam

This should be interesting.

paddyandstumpy

Why were you missold?

haras_nosirrah

Why do you feel you were missold?

ACG

Presumably you can take it to the financial ombudsman? But with no paperwork on file it would be he said/she said.

Freddyforrest

What options would the ombudsman have?

Freddyforrest

I was mis-sold it because I couldn't afford it and it was self certified and I paid the mortgage advisor a feee on top of that which he received form the lender (yes I know i was very young and stupid at the time)

Freddyforrest

Or is this a ruse to get out of paying any compensation?

ACG

Freddyforrest wrote: »

I was mis-sold it because
(1)I couldn't afford it
(2)and it was self certified
(3)and I paid the mortgage advisor a feee on top of that which he received form the lender (yes I know i was very young and stupid at the time)

So YOU lied about your wage then which is why you could not afford it? Self Cert mortgages were fine back in the day, there was nothing wrong with them in principle, it was people lying which is where they came tumbling down.

There is nothing wrong with brokers charging fees on top of the commission, that still happens today (we charge fees).

Had you been honest about your income (1) would never have been a problem.

I cant see the ombudsman doing anything from what you have said. I doubt they will report you for Mortgage fraud but the broker/lender might.

Also, your complaint should be directed to the broker not the lender - but from what you have said I would save your time.

haras_nosirrah

Tread carefully.

You signed the forms to say the information you provided was true and they leant you money on that basis.

The basis of your complaint is that you lied to them and want to be compensated for it. This could land you on the cifas register

If it was long enough ago to be self cert then I am guessing this was a while ago (over a decade) why didn't you complain before? Have you missed payments on your mortgage or have you paid them all on time?

Has the property gone up in value since you bought it? If it has then arguably you would be in a better position than if you had rented all these years

Freddyforrest

I'm very confident that I would get compensation and so were the firm that were helping me but that wasn't anything to do with the question I asked. The question was what recourse do I have with the lender for saying that I can't pursue my claim due to them not have any documentation? Or in fact what implications does this have for example when I come to pay the loan off, what are the late payment charges etc. How is anyone supposed to know if they have lost all of the documentation?