Mis-Sold Interest Only Mortgages

davidmcn

The lender will know the information required to administer the loan for the duration of the term, that doesn't necessarily mean they keep all the paperwork from the application.

SonOf

I am pretty certain that I was mis-sold my mortgage,

Its possible but unusual. The uphold rate on people complaining about interest-only mortgages is less than 1 in 10. So, the odds are against you.

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)

It's risky to complain about self cert mortgages as you are basically admitting that you committed fraud. And there is a register for people that commit mortgage fraud.

It is quite normal to pay mortgage brokers a fee. No wrongdoing there.

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.

Yet the company are not willing to put in a complaint despite the information not being needed.

Seeing as claims companies have just been warned by both the FOS and FSCS to stop putting in fake complaints on mortgages, that may have something to do with their reluctance.

Some bits of information would be useful in your comments.
1 - When did you take the mortgage out? (if its before October 2004 then its pre-regulation - game over)
2 - Is the broker still trading? (if not then its the FSCS you deal with and they only uphold around 5% of mortgage complaints)
3 - Are you prepared to go on the mortgage fraud register?
4 - How much is your house value now compared to what it was when you bought it? (on successful complaints, the difference in equity value is taken into account).

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?

None. The lender is there to administer the mortgage. That is all they need. They don't have any documentation that the broker would have beyond the application. And if this is pre-credit crunch, then that means not very much.

Thrugelmir

Who was your lender originally .

foxy-stoat

Freddyforrest wrote: »

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

Keep paying the mortgage interest payments until the term ends.

Start saving to pay for the property, to work out how much, divide the outstanding balance by the number of years left on the mortgage, divide by 12 and thats the monthly amount to aim for.

Try and remortgage now on a repayment type.

Sell the property and buy a cheaper one that you can afford.

Dont wast time trying to get compensation as you probably wasnt mis sold, you mis bought.

Have a merry christmas.

getmore4less

Freddyforrest wrote: »

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)

What income did you put on the forms?

What was your real income at the time?

mariabelle

The company that I am with have not asked for that only the mortgage number was asked for

foxy-stoat

mariabelle wrote: »

The company that I am with have not asked for that only the mortgage number was asked for

Thats a very nice collection of words.....what do they mean and what relevance has this to the OP?

On a personal note, I wonder if the OP had a merry Christmas.........

[Deleted User]

An ex colleague had one of these complaints last week. Wasnt worried at all as his notes were robust.
. When it came to it, the networks complaints felt just sent a response saying 'thanks for your complaint, it's beyond time limits for complaining so we aren't going to respond fully'

6 years from date of sale, or 3 years from when you became aware of a problem.
You obviously knew you had interest only mortgage long ago so if its 6 years from the sale then you will barely get a response. That goes for FOS as well, most of these complaints are time barred already