How I can claim from a mis-sold mortgage

Big_Dom

In 2004, I went to a letting Agent around me to look at the flats to let after a messy divorce. The letting agents advised me to come speak to their mortgage advisor instead of letting a flat, that I can buy one myself. A date was fixed for me to see the mortgage advisor.

On the date of the meeting I turned and had a meeting with the advisor. The advisor asked me to get my payslips on our next meeting. On the second meeting the advisor saw my payslips, even thought I was earning  reasonable money to get a decent mortgage, I was paying CSA almost £800.00 per month for my divorce. Mortgage advisor advised me that no one will give any mortgage on my payslips, that I should instead get my 3 years P60s.

My 3 years P60s had an average  of £54,000 PA. He applied for a Northern Rock mortgage of 107% for me. The mortgage was £152,000, made up £134,900 secured, and £17,100 unsecured. The mortgage was fixed for 2 years.

I bought my flat for 142,000. After 2 years, the fixed period expired. The mortgage advisor contacted me again and advised me that he will fix my mortgage again since the fixed had finished and the interest is now variable rate and high. He fixed the mortgage again for 2 years. What he did now is something he called consolidating, according to him, he put both the secured and unsecured mortgage into one secured mortgage fixed for 2 years. This happened in 2006.

By 2008, I fell into big debts paying the high mortgage rate and personal debt. The advisor contacted me again and informed me that he has seen a better deal for my mortgage. We had a meeting and he advised me that he will move my mortgage to Halifax where there is a better deal. He moved my mortgage to Halifax, advised me to get additional borrowing of £25,000 to pay off some of my personal debts. He applied and got me £168,000 since there is some equity in my property.

few years ago, I saw an article on Which, the consumers advocate’s website claiming that anyone who sells you mortgage that runs after your retirement is a mis-sold mortgage. I contacted both Northern Rock and Halifax. Halifax referred me to FCSC since my mortgage runs to 3 years after my retirement. FCSC investigate and came back to me that both NR, and Halifax sold me a mortgage based on information presented to them by my advisor. I left it the way they have decided the case.

In March 2022, a company, CPL contacted me and told me that they saw my mis-sold mortgage with FCSC. I told them that I have chased the case and got nowhere with it. The man at CPL told me that the reason I failed was because I was chasing the lenders instead of the mortgage broker. According to CPL, mortgage advisors are not supposed to sell loans, all they are authorised to sell are mortgages. He told me that he will chase the broker and get me a claim. The mortgage broker had since shut down but the man from CPL claimed he will get me my claims but, I have to make an upfront payment of £1095.00 for him to use a reputable company to get all information about my mortgages. I cannot pay anyone an upfront fee to do a job for me.

My question now is, is there any way to get a claim from this when the mortgage broker has closed? If there can be a claim. I will like to go it on my own as I cannot afford an upfront payment. Is there anyone I can take this complaint to and get something out of it?

Hope to hear from you guys as you are my last hope on this.

Big_Dom.

[Deleted User]

You cannot "claim" anything as you are not owed anything.

You can complain to the seller of the product however yes the mortgage broker being closed means your complaint is over.

Regardless, the complaint would be time barred under the 2 year rules - 6 years from when the product was taken out, 3 years from when you knew, or could reasonably have known, you had cause for complaint which is when you tried to complain to Halifax

Nearlyold

I saw an article on Which, the consumers advocate’s website claiming that anyone who sells you mortgage that runs after your retirement is a mis-sold mortgage.

It's not mis-sold just because it runs past your retirement age. It could have been bad advice or it could have been good/acceptable advice it all depends on your circumstances at the time of taking the mortgage and your expected circumstances in retirement.

The £1095 Fee that CPL are asking for pays for a "Mortgage Assessment" which is apparently a 42 page document outlining their findings on your mortgage(s) see below copy and paste from their website - I'll leave it to you to decide whether you think it's a worthwhile spend.

Mortgage Assessment (MA)

Introduction

The Mortgage Assessment is as it says, an Assessment of the Mortgage to establish if potentially there has been any breaches of the Mortgage Code of Business (MCOB), Miss-calculation, Over charge, or Breach of Contract. The Assessment is like having an MOT on the Mortgage in question..

THE MORTGAGE ASSESSMENT IS NOT A MORTGAGE CLAIM

Stage One

By answering several Mortgage related questions on the chosen Mortgage either historically or current, we will produce a Mortgage Assessment based on the information you provided.

This will potentially highlight any possible areas of concern with your Mortgage or confirm the Mortgage is in good order.

The Assessment is then passed to a Mortgage Expert Witness to offer his Opinion.

THIS SHOULD NOT BE REGARDED AS ADVICE ON YOUR MORTGAGE.

Stage Two

You will receive the full in-depth 42-page Mortgage Assessment.

If there have been any breaches, the Assessment will help you support taking the complaint further to the relevant bodies.

Further to any ‘breaches’ we have seen situations where the Lender has Overcharged the account on Interest or Miscalculated the Mortgage.

Once you have read the Assessment, you can then make an informed choice of the 3 options available to you below.

• Do Nothing (Mortgage is healthy)
• Do it yourself (Templates provided)
• Instruct a Solicitor to act on your behalf (They will charge a fee)

Stage ThreeTo go any further, you will need to request your DSAR (Data Subject Access Request) from your Lender and or your Broker.The DSAR file will show the FACTS of the Mortgage and support the Assessment.The DSAR may take time to arrive.You will need to make correspondence to various relevant bodiesRelevant Bodies: (Templates supplied for use within Assessment)Lender: DSAR, Mis Calculations, Over Charges, Mis SellingBroker: DSARFOS:  Business still tradingFSCS: Business not tradingNOT ALL MORTGAGE REVIEWS BECOME MORTGAGE CLAIMS AS QUITE OFTEN NO LOSS CAN BE ESTABLISHED. IN OUR EXPERIENCE THE MAJORITY OF MORTGAGE ASSESSMENTS DO NOT BECOME A CLAIM BUT ARE AN ASSESSMENT THAT SIMPLY LOOKS TO IDENTIFY IF THERE ARE ANY POTENTIAL ISSUES.

[Deleted User]

The problem will further come out (if the broker was still trading so a moot point) with these complaints in general (just for reference if anyone else comes across this topic) if anything was fudged in the application form e.g. claiming to earn more than they did; ignoring the CSA payments as part of income; deposit was a loan not a gift etc

Further - a mortgage issued in 2004 and changed in 2006 then having personal debt issues in 2008 doesn't mean the original deal was miss-sold. 

Admiral_Barbarossa

Big_Dom said:

In March 2022, a company, CPL contacted me and told me that they saw my mis-sold mortgage with FCSC. 

There are a few Claims companies hawking around looking for clients to take a so-called test case that certain mortgages were mis-sold because they run pass the mortgagee's retirement date. So far, I understand none has been presented to be tested as of yet!

Unfortunately, like others, yours case would be in a pile of other optimistic cases taken on by these claims hawks!