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Fixed rate mistake

Lennydog
Lennydog Posts: 5 Forumite
in Mortgages & endowments
In 2008 I got a 120% mortgage with Birmingham midshires. Against my better judgement the financial advisor talked me into getting a 5 year fixed deal. As the BOE dropped almost immediately upon signing I paid 30k more than I would have had I left it tracking which it thankfully reverted to after 60 months. I have found my email questioning the decision but ultimately I acquiesced. I assume there's no chance of redressing this
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Comments

  • [Deleted User]
    [Deleted User] Posts: 35,383 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    No, you chose the product and would presumably had been happy if the BOE had gone up.
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Deleted_User wrote: »
    No, you chose the product and would presumably had been happy if the BOE had gone up.

    Sounds more like the product was recommended, not chosen.

    Would need to know more about the reasons for the recommendation.

    Do you have a copy of the fact find OP? What were the reasons given for the recommendation and why ultimately did you sign on the dotted line if you didn't agree with it?
  • Lennydog
    Lennydog Posts: 5 Forumite
    The advisor said it's better to know you afford a fixed payment but it was December 07 and interest rates were just reducing as the crash kicked in and I emailed saying everything I'm reading suggests they are coming down further. The reply was 'true but the tracker rate is still the same rate as the fixed'
  • minimike2
    minimike2 Posts: 2,210 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    There must have been something other than that to justify the advice?

    Do you have a suitability letter?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lennydog wrote: »
    Against my better judgement the financial advisor talked me into getting a 5 year fixed deal.

    Some 10 years later you have a precise recollection of the entire conversation? Unless it was minuted. I would question your abilities to do so. As few people have the ability to memorise such detail and keep it in context.
  • kingstreet
    kingstreet Posts: 39,395 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lennydog wrote: »
    The advisor said it's better to know you afford a fixed payment but it was December 07 and interest rates were just reducing
    December 07?

    Perhaps you should look at the BOE rate history here;-

    https://www.bankofengland.co.uk/boeapps/iadb/Repo.asp

    as in December 2007 they were just reducing by 0.25% off the recent 5.75% high.

    I don't know about you, but I've been doing this over thirty years and I didn't see rates of 0.5% on the horizon for March 2009.

    It was a period of uncertainty and those without a crystal ball were worried about what might happen to rates as the credit crunch unfolded and many were still looking for longer-term payment certainty.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Lennydog
    Lennydog Posts: 5 Forumite
    We talked over email which I still have so my ability to read helps jog my memory
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    It would have been better if you had been turned down for a 120% mortgage back in 2008 !
    Lessons learned
  • Lennydog
    Lennydog Posts: 5 Forumite
    No not really - my wife was 7 months pregnant with our first child and we had a violent neighbour. The house I moved to is ace with good schools and even better neigbours - the mortgage was a stretch and over paying was a grind but I worked hard to pay for it. We're still here and we are now 5.
  • Amst
    Amst Posts: 141 Forumite
    Lennydog wrote: »
    No not really - my wife was 7 months pregnant with our first child and we had a violent neighbour. The house I moved to is ace with good schools and even better neigbours - the mortgage was a stretch and over paying was a grind but I worked hard to pay for it. We're still here and we are now 5.

    Then what are you complaining about if it's all worked out well?
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