Engage Credit - Mis Sold Mortgage - Mortgage Audit Bureau

brunty248

For everyones information, we all moved in together, my aunt took the mortgage on as myself and my husband had a property that was being compulsory purchased by the council. Our aim when was always to be on the mortgage hence why we got the new mortgage. Yes she was put on the mortgage but we always from day 1 had a deed of trust to explain the dynamics of the set up and who is owed what. My aunt has never been explored by us more that fact she could never of afforded this property on her own either then or now.
The 2nd mortgage was taken out to finance the extension 3 years before this mortgage. This is the extension that is written into the notes of the broker to confirm why they gave us the additional money.  I am not saying I am not happy paying for the 30k we had, my argument is this broker used this to gain a larger mortgage and in doing so he put us in a worse positon to get out of, my opinion is that if we had the mortgage we asked for we could of properly moved to a repayment mortgage and move away from this sub standard mortgage that we have been trapped in for over 15 years.  Isnt the point of a mortgage that you have a choice to move on, they made my mortgage unaffordable for me to move on to another mortgage, a better mortgage.  If we could of been allowed to move to a repayment mortgage then I wouldn't be writing this now.  I only became aware that this mortgage was mis-sold once I tried to move on to another mortgage. I should of been able to choose a different mortgage, I didn't want anymore money just a repayment mortgage. The mortgage is what it is with the extra 30k but my affordability with the extra 30k should of allowed me to change my mortgage. Yes I had the additional money that I didn't ask for, it was given to me slyly and we accept we spent it but that doesn't take from the fact that we could never move on from this mortgage.
I had the 30k, I spent it and I have been paying for it for the last 15 years, this is not the problem, yes it was added on for whatever they did it for but I did not ask for any additional cash money we only every wanted to pay off the original mortgage, 2nd charge mortgage and a handful of consolidated debts to have just one payment and a new mortgage with my name on it as well for security for me.

ACG

You appear to be trying to lay all of the blame at the brokers feet and I think this is where you are going wrong. The broker made a mistake/lied. But you spent the money. Had you kept hold of it, you could have reduced the balance by the £30k. Sometimes we need to accept we made mistakes and deal with it. You have spent 10 years arguing about this and got nowhere. You can spend another 10 years doing the same thing and end up in the same place. Instead you need to try and plan for a way forward. 


I wrote this part last night but held off posting it as I wasnt sure if it was a bit harsh, but I do think it is still valid...

My personal view is that when that money hit your account you should have contacted the broker to find out what was happening and to sort out how it could be put right.  

They would needed to have covered you for the extra interest - that does not mean £23k or £158k, that means the interest on the £30k until you were able to repay it. If we assume the interest rate was 5%, then 5% on £30k is £125 per month. Lets say you were tied in for 2 years, that £125 x 24 months = £3k. 

Even by spending that money, I would still say you are owed the £3k. But nothing more, you prevented the ability to go on to repayment if that was the only issue. However if circumstances changed and repayment was no longer possible, then thats beyond the brokers control. However you could probably have arranged to make overpayments to the lender and bring the balance down. 

Your actions (or lack of in places) made the problem worse. You cant blame the broker for that - only the initial mistake.

Strummer22

ACG said:

Even by spending that money, I would still say you are owed the £3k. But nothing more, you prevented the ability to go on to repayment if that was the only issue. However if circumstances changed and repayment was no longer possible, then thats beyond the brokers control. However you could probably have arranged to make overpayments to the lender and bring the balance down. 

Your actions (or lack of in places) made the problem worse. You cant blame the broker for that - only the initial mistake.

I think I agree. In addition, you said you'd taken the interest-only mortgage with a view to switching to a repayment mortgage after a few years. However, you stated that your income then reduced, so in those circumstances a switch from interest only to repayment (i.e. to higher monthly payments) was unlikely to be approved. It's not (only) because the original mortgage was too big for your income that there was a problem - your circumstances changed too, and that would have been the best time to take action; that action, unfortunately, probably being to sell up and move somewhere cheaper.

brunty248

Before the 30K hit my bank account I phoned the solicitor who was asking where to pay it into after the mortgage was completed and told him I didn't want nor need the 30k but he told us there was nothing I could do as the mortgage had been completed.
Maybe if you had the knowledge I had at the time of mortgages which was zero you might of thought the same as me and not be so critical now, we accepted the 30k because we were told by the  conveyancing solicitor we couldn't do anything else, it was put towards the first payments, my income didn't alter it was just presented as the truth when I wanted to remortgage with a repayment one. It was escalated for the original mortgage by the broker we never saw the application form again till I asked for my SAR and when I saw what was put for my income that's when the complaint started
Knowlege and hindsight are a wonderful thing to have. 

dunstonh

Before the 30K hit my bank account I phoned the solicitor who was asking where to pay it into after the mortgage was completed and told him I didn't want nor need the 30k but he told us there was nothing I could do as the mortgage had been completed.

The 30k could have been paid back to the mortgage after coming to you and the broker would have been liable for any ERC on that.   Or you could have retained it in an account earning interest until you were free of an ERC.

By spending that 30k, it effectively ends the complaint.

The conveyancer was right in respect of you not being able to stop the transaction at that point but the conveyancer was only looking at it from their side of things.  They were not explaining what you could do next.

Knowlege and hindsight are a wonderful thing to have. 

Everybody makes mistakes in life and many of them are based on lack of knowledge and understanding.  Most of the time you have to accept your part in the mistake and learn from it.

Hoenir

brunty248 said:

Knowlege and hindsight are a wonderful thing to have. 

We all have regrets during our lifetime. Trying to finding someone to blame with the aid of hindsight doesn't provide any solutions though. Whatever choices we personally make we have to live with the consequences. 

brunty248

Thanks for all your condemnations.
I thought this was a helpful place, but obviously, it is a place of blame
I was only looking for some advice and did not expect an interrogation.

[Deleted User]

It's given you plenty of advice and information though.
No-one has interrogated you.
With every post others have given you their time and experience, re-read everything and make your own decisions - that's where you go from here.

dunstonh

brunty248 said:

Thanks for all your condemnations.
I thought this was a helpful place, but obviously, it is a place of blame
I was only looking for some advice and did not expect an interrogation.

there has been a lot of good information and explanation on this thread.   
One final piece of advice is that I suggest that you park your 15 years of this for a few weeks and take a read of Moby !!!!!! and have a think about Captain Ahab.

ACG

brunty248 said:

Thanks for all your condemnations.
I thought this was a helpful place, but obviously, it is a place of blame
I was only looking for some advice and did not expect an interrogation.

The irony there being that you are laying the blame at the brokers feet. There is blame, the initial part is down to the broker, the subsequent parts down to yourself. But playing the blame game does not help anyone and that is not what we are trying to do. 

Likewise, it is not an interrogation, it is trying to understand what has happened in order to best help you. 

The best help I can find to give you is to drop it and move on. You do not like the advice and it is not what you want to hear but it does not make it wrong. 

Best of luck with whatever you decide to do.