Mis sold mortgage

ukri

K_S said:

@harrietdan

- you could take the 7k (or negotiate for a higher number) and look to remortgage to a longer term at the end of the current fix. Obviously that depends on why only a 9 year term was offerred (retirement age, etc), whether you will be able to remortgage to a higher term at some point in the future and whether you'll be able to afford a higher monthly payment if you can't get a longer term.

- or you could try get them to sort it out and get you back on a 12 year term with another lender

I am very risk averse and would take the second option. Dont agree to anything until you clearly know all the ramifications.

ukri

Harrietdan said:

5 years. Yes they have accepted full liability to this situation,  they have said they need 8 weeks to investigate,  after that if we aren't satisfied we can go to FCA.

Financial Ombudsman Service FOS, not FCA.

RetSol

As @dunstonh suggests, you are in the box seat here.  You may be finding it stressful - you did not want or expect to find yourself in this situation - but don't let that lead you into accepting a compromise.  Let the brokers sort out the mess which they have made and compensate you while they are doing so - as they are doing now.  And then claim for the stress and inconvenience which you have experienced. 

Getting_greyer

Isn't there something like a six month wait before remortgage or could that be waived?  This will be interesting to follow as you may end up with an absolute gift.  Sounds mad that it got this far tbh

Harrietdan

Here's hoping! Will post as update when I know more.