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Mis-sold product

Two years ago, my partner and I moved house and sought a larger mortgage to cover the cost of the new property. We were advised by the Nationwide to take out a second mortgage to cover the extra cost of the second property as we were told that when our initial product expired (due 12 months later) we could amalgamate the two back into one mortgage.
This was around six months ago so imagine our surprise when we went into Nationwide, only to be told that we could not now cancel our second mortgage to combine the two but instead we were now forced to put the first mortgage onto their standard variable rate for the next six months waiting again for the two to meet up - all of course at much greater monthly expense to ourselves.
Now the time has come again to remortgage but now we find that due to the current state of the market there aren't as many deals around and we have lost out yet again.
Can anyone give any advice as to if the Nationwide acted improperly in this sale and if it did in fact mis-sell us a product in the first place which in turn has led us to suffer SVR for the past six months and now, a limited choice of remortgage deals or is it just a case of bad advice and nothing we can do about it?

Thanks for your attention

Comments

  • dunstonh
    dunstonh Posts: 121,122 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    There is no mis-sale here. You never know what deals will be available and whilst you are able to shop around if you wish and pick from deals they may have available there is no guarantee the deals will be what you want.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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