Interest only mortgage

kerry1978lilac

Hi, I wondered whether anyone could tell me if the claim for a mis-sold interest only mortgage (given that there was no advice given at all) is the responsibility of the broker (who is now bankrupt) or the lender? Obviously if the claim would be against the broker I don’t have much chance 🙂

MWT

Difficult to see how the lender would have liability if there was a broker involved.

How long ago was this and even if the broker is bankrupt it doesn't necessarily mean there isn't the possibility to claim against their insurance...

Obviously all dependent on their actually having been a case of mis-selling...

kerry1978lilac

Thank you for your reply, it was in 2007. I was a young first time buyer & I don’t ever remember receiving advice about what other options may have been better for me so I wondered whether there could be a claim for mis-selling. The broker dissolved his company in 2010.

MWT

This feels a bit vague for a potential mis-selling claim. 

How have you suffered as a result of the advice given?
Do you still have any documentation regarding the advice you received at the time?

Thrugelmir

kerry1978lilac said:

Hi, I wondered whether anyone could tell me if the claim for a mis-sold interest only mortgage (given that there was no advice given at all) is the responsibility of the broker (who is now bankrupt) or the lender? Obviously if the claim would be against the broker I don’t have much chance 🙂

Why have you waited 13 years before considering the mortgage to be mis-sold?  You've received annual statements showing that the balance is unchanged. Has always been an option to start paying down the capital owed.