Interest only mortgage - Claim for Mis-sold?

gormanh

I have seen that claiming for mis-selling interest-only mortgages is becoming popular. I have this type of mortgage with NRAM (Northern Rock). 
I have checked with a claims company and they have quoted me  a fee of 35% + 7% VAT if successful.
Does anyone have information? What are the criteria they work on?

boo_star

Why do you think your mortgage was mis sold?

[Deleted User]

gormanh said:

What are the criteria they work on?

Their criteria is people with interest only mortgages who are also very gullible. It enables them to take an upfront 'admin' payment once they've convinced you that you'll get thousands back.

If you believe your mortgage was mis sold, all you need to do is send your complaint direct to the lender.

ACG

You cant just say "I have an interest only mortgage so I was miss sold".

Interest only mortgages are still available now. Going off other posts, it appears the financial ombudsman are generally declining interest only claims where it was cheaper than renting (not sure how true that is). In effect you need to be able to evidence you could afford and obtain a repayment mortgage, but were given interest only instead. 

SonOf

I have seen that claiming for mis-selling interest-only mortgages is becoming popular.
The advertising by claims companies is becoming popular as they can still make money on these without success.   However, the success rate is tiny.    When a body like the FSCS come out and say they are fed up with the volume of try-it-on complaints with no merit, then you know how bad things have got.

 a fee of 35% + 7% VAT
There is no 7% VAT rate for claims companies. It is 20%.

What are the criteria they work on?
Can you breathe?  If yes, they will probably put a try-it-on complaint in for you.

n effect you need to be able to evidence you could afford and obtain a repayment mortgage, but were given interest only instead. 
And it needs to be an advised sale and one arranged after October 2004.

davidmcn

Deleted_User said:

gormanh said:

What are the criteria they work on?

all you need to do is send your complaint direct to the lender.

"to whoever sold it to you", surely?

touch1337

SonOf said:

There is no 7% VAT rate for claims companies. It is 20%.

7% is the VAT on their 35% taken as a value of the full claim amount (20% of 35% = 7%)

csgohan4

I thought the school holidays finished?

foxy-stoat

gormanh said:

I have seen that claiming for mis-selling interest-only mortgages is becoming popular. I have this type of mortgage with NRAM (Northern Rock). 
I have checked with a claims company and they have quoted me  a fee of 35% + 7% VAT if successful.
Does anyone have information? What are the criteria they work on?

I wouldnt bother, you probably read some BS online somewhere.