I need to claim back mid-sold mortgage

watsonn767

dear Sirs,

I am looking for help.  We believe we were mis sold our mortgage product.  We would like to claim,  but solicitors want up to 43% to do this on our behalf.  Can you recommend or navigate us on how we can do this?

We have already wrote to Santander 

Who are denying they are responsible.

Please can you help.

watsonn767

I don’t want to pay 47% to a solicitors to get my money back?

[Deleted User]

You just write to whoever sold you the mortgage, telling them how you were mis sold. 

They'll then review your complaint.  

MovingForwards

Why do you think Santander missold you a mortgage?
How long ago was this mortgage?
What type of mortgage was it? Interest only or capital repayment?
If interest only, what was your repayment vehicle?

Why have Santander rejected your claim?

brettcta

I think a pertinent question at this early junction is when did you realise you may have been missold your mortgage? Before or after a firm of solicitors dangled the carrot of financial gain in front of you?

dunstonh

We have already wrote to Santander   Who are denying they are responsible.

Which suggests you did not buy from the lender directly but via a third party.

We believe we were mis sold our mortgage product.  We would like to claimWhy do you believe that?  it is actually quite hard to be missold a mortgage.  That is reflected in the single digit uphold rate.  The main area of concern is where subprime lenders have been used instead of prime.  However, Santander is a prime lender. So, that is eliminated.
 but solicitors want up to 43% to do this on our behalf.Because it is such a low success rate on complaints, they have a high charge.  Many of these companies that also get involved hit you with the requirement to purchase insurance as well (that is where most of the money is made).
I don’t want to pay 47% to a solicitors to get my money back?What money back?  lenders give you money to buy a property.  You dont give them money.
On upheld complaints, the most common method used by the FOS is to look at your costs and then consider what you have made on the property value.     So, if your value has gained, you can get an upheld complaint with no redress paid.
Indeed, a case last year that was upheld required the person to sell the property at market value within 12 months and only if the sale price was lower than the purchase price, would there by any redress.  If they didnt want to sell they got nothing.   If they sold it for more than the purchase price, they got nothing.

Other key considerations are that mortgages were not regulated until October 2004.   So, if bought before that, you can forget it.  

So, what is your complaint?  When did the event happen that you are complaining about?  How did you buy the mortgage (ie. direct from lender or via estate agent or broker)?    Was it on a non-advised or advised service? (this is important as non-advised means the lender is not responsible for advice that was not given).