Is this a mis-sold mortgage?

System

This discussion was created from comments split from: Was I miss-sold when taking out mortgage?.

Lindyloo19640602

Hi long story short ..we have a house but took out morgage on a second property first house had a endowment policy shortfall of 7k which we understood we took the new morgage out with the 7k being paid to house which was then fully paid off leaving us with knew mortgage for second property however 12 years later sold second property to realise that no morgage on that but on house which was security for morgage we were not made aware that our main house was security against the morgage hope this makes sence is this been a missold morgage? 

dunstonh

Lindyloo19640602 said:

Hi long story short ..we have a house but took out morgage on a second property first house had a endowment policy shortfall of 7k which we understood we took the new morgage out with the 7k being paid to house which was then fully paid off leaving us with knew mortgage for second property however 12 years later sold second property to realise that no morgage on that but on house which was security for morgage we were not made aware that our main house was security against the morgage hope this makes sence is this been a missold morgage? 

You should start your own thread and not use an unrelated one.   You may also wish to tidy up what you have written as its unclear what you are talking about.

MWT

Lindyloo19640602 said:

Hi long story short ..we have a house but took out morgage on a second property first house had a endowment policy shortfall of 7k which we understood we took the new morgage out with the 7k being paid to house which was then fully paid off leaving us with knew mortgage for second property however 12 years later sold second property to realise that no morgage on that but on house which was security for morgage we were not made aware that our main house was security against the morgage hope this makes sence is this been a missold morgage? 

Not understanding the mortgage product you have taken is not in itself grounds to claim it was mis-sold, especially as you would have received and signed various documents that made it clear which property was being encumbered.

From the sound of things you took out a new mortgage on your first property which provided sufficient cash to clear the shortfall on the original mortgage and purchase the second property outright.

   

silvercar

Lindyloo19640602 said:

Hi long story short ..we have a house but took out morgage on a second property first house had a endowment policy shortfall of 7k which we understood we took the new morgage out with the 7k being paid to house which was then fully paid off leaving us with knew mortgage for second property however 12 years later sold second property to realise that no morgage on that but on house which was security for morgage we were not made aware that our main house was security against the morgage hope this makes sence is this been a missold morgage? 

 I’m not sure it really matters which property the mortgage is secured on. At the end of the day you could use some of the proceeds of selling the second property to clear the mortgage on the first property.

penners324

Doesn't look like misselling.

What happened every time you remortgaged? Should have been obvious at that point even if not when the original was taken out.

amnblog

Are you saying

You owned house one, then bought house two

You believed you had taken a new mortgage secured on house two but having now sold house two, you find that new mortgage was secured on house one?

Hoenir

Did you release funds from property one to secure the purchase of property two?  Have you not receved mortgage statements for the past 12 years showing this debt as being owed? Likewise paid interest every month. 

MWT

Hoenir said:

Did you release funds from property one to secure the purchase of property two?  Have you not receved mortgage statements for the past 12 years showing this debt as being owed? Likewise paid interest every month. 

That seems to be what they are saying has happened, it would have been cost of house #2 + £7,000 to clear the shortfall on previous mortgage on house #1.

Without knowing the relative values of the two properties it is difficult to be sure if it was even going to be possible to have done it the other way around...