mis-sold mortgage from AWD

I received a letter from Martin Kaye. Solicitors that dealt with my mortgage. In the letter it states that I may have been mis-sold mortgage from AWD/Carrington Carr.

I've checked this great forum and seen wonderful advice. Mine is a little different. I didn't take out the single premium MPPI which they would have added over £5000 to my mortgage.

However I have noticed other items that have been added to my mortgage of which i'm paying for over the term of the mortgage. An AWD fee which is £2,131.00 this is just their 'lifetime' rubbish.

estimated valuation fee £265
Valuation/structural safety buffer £534.00
will writing and estate planning £99.00
safey buffer £456

Thats nearly £3500 of extras thats been added and i'm paying interest for the next 20 years.

Can I write to Legal & General asking for fees back with interest. My dealing with AWD was in 2008.

Any advice would be greatly received

Replies

  • dunstonhdunstonh Forumite
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    However I have noticed other items that have been added to my mortgage of which i'm paying for over the term of the mortgage. An AWD fee which is £2,131.00 this is just their 'lifetime' rubbish.

    It is certainly rubbish but it is allowed.
    estimated valuation fee £265
    Valuation/structural safety buffer £534.00
    will writing and estate planning £99.00
    safey buffer £456

    Are you sure you paid these? The wording suggests examples of typical costs for those things. Not what you actually paid for those things, if indeed, you did pay for them.
    Thats nearly £3500 of extras thats been added and i'm paying interest for the next 20 years.

    Have you checked to see your borrowing was £3500 more than you thought it was going to be?
    Can I write to Legal & General asking for fees back with interest. My dealing with AWD was in 2008.

    You cant ask for the fees back. If you contact them it will be an allegation of wrong doing against AWD and you need to state what you felt they did wrong. A complaint. The problem is that if you did pay some of those things, then they are not regulated financial services and not within the remit of the FCA/FOS or L&G.

    Have you checked your mortgage report to see that that says? That will be the document L&G use when looking at your complaint.
    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.
  • These were added into the total I borrowed. So they are part of the total payment of mortgage. So I will be paying interest for the term of the mortgage. Hope that helps.

    So they can get away with £2,131.00 for their fee, Yet now in Administration?

    where is my mortgage report, sorry for lack of knowledge.

    Thanks.
  • dunstonhdunstonh Forumite
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    So they can get away with £2,131.00 for their fee, Yet now in Administration?

    Yes. That is the risk of such a service. It is also what tends to happen to most firms that have that service. I am very much against it but when the company folds, they no longer carry the can. L&G are responsible for insurance and mortgage advice. I believe that L&G have committed to provide mortgage advice ongoing without charge for those people with it.
    where is my mortgage report, sorry for lack of knowledge.

    the mortgage adviser would have issued a report detailing the mortgage recommendation. In effect,a reasons why that mortgage and the key risks and the reason for borrowing and charges etc.
    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.
  • magpiecottagemagpiecottage
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    I would still complain about the up front fee for future advice on the grounds that it was not made clear to you that you would have to pay interest on it for the life of the mortgage.
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