Company that sold me mortgage no longer trading

maggiemy76

Hello,
I am legible to to claim for a mis-sold mortgage, however the company, GMAC sold our mortgage several times over the 11 years. We were last with Kent Reliance. 
Can anyone advise on who would we claim against?
Thanks.
maggie

Thrugelmir

On what grounds do you believe your mortgage was mis-sold?  Were any details on your mortgage application form incorrect? 

SpiderLegs

Who told you you were legible?

Whats_your_forte

The 'selling' of the mortgage is the Adviser and not the lender.

And just wondering (as with the others) why you feel it was mis-sold 11 years later.

maggiemy76

The self-certify mortgage ended beyond my retirement age date on interest only. My legal guardian was not present at the time.

amnblog

GMAC sold mortgage books to several firms over a number of years in various tranches.
If you are still paying your mortgage, the current administrators are a good start.
If not, you are on a tricky wicket and you would hope to have an account number and internet connection to start tracking the case down.
As stated above, if you feel you have been missold your recourse is to the Adviser not the Lender.
Any potential claim is now likely 'time barred' and you will be wasting your time.

Whats_your_forte

maggiemy76 said:

The self-certify mortgage ended beyond my retirement age date on interest only. My legal guardian was not present at the time.

Capacity to enter into the contract would be more the solicitor than lender/bank. The adviser may have gone through the fact the term went beyond the stated retirement age but we have no details from the fact-find so cannot comment.  

[Deleted User]

Complain to the person who gave the advice, not the lender itself. 

Unfortunately the response will be that the complaint will be time barred if 

-        what you're complaining about happened more than six years ago, and

-        you’re complaining more than three years after you realised (or should have realised) that there was a problem.

Also, be careful about complaining about self certification as you may be about to admit you signed a document with false information on it

Thrugelmir

maggiemy76 said:

The self-certify mortgage ended beyond my retirement age date on interest only. My legal guardian was not present at the time.

There's no legal age at which one has to retire. There's nothing to have stopped you addressing the fact that the product was interest only.

Why didn't your legal guardian take action on your behalf at the time? 

SonOf

I am legible to to claim for a mis-sold mortgage
So are most people if they are within the timelimits.  However, thankfully, most mortgage complaints fail.

Can anyone advise on who would we claim against?
You can only complain to the company that sold the mortgage to you and only if it was after October 2004.  If the firm no longer exist, and you bought after Oct 04, then you can refer your complaint to the FSCS.    However, the FSCS recently said that it was effectively fed up with claims companies putting in fake mortgage complaints and because of that, the uphold rate on mortgage has fallen to single digit figures.

The self-certify mortgage ended beyond my retirement age date on interest only. My legal guardian was not present at the time.
1 - going beyond your retirement age is not an issue in most cases.  All it takes on a post Oct 2004 mortgage is a couple of sentences on the closure letter. (if you have already paid the mortgage off, this is a non-issue)
2 - interest only is not an issue with pre-credit crunch arranged mortgages. (plus, if you have already repaid it, then its non-issue)
3 - Self certify means you effectively took on responsibility for saying you can afford the mortgage.

Even where you succeed in a complaint on those basis, the published decisions indicate that they take the gain in property value into account and require you to sell the property within 12 months at market value and only then if you have made a loss over the original purchase price, would you then receive a payment.

There is also the 3 year and 6 year rule.  You have to raise a complaint within 6 years of the start of the contract and within 3 years of being reasonably aware of an issue.  your comments suggest the mortgage is no longer in force.  In which case, this could apply.

[Deleted User]

I took on a huge self certify mortgage years ago. Interest only too. Only way at the time I could afford my big house. It was risky but I knew exactly what I was doing, and as soon as was able I converted it to a mainstream lender on full repayment. 

I bet a lot of these so called claims are people just like me who took the risk but now want someone to take the blame