Mis-sold Mortgage

We went to our local branch of YBS and had several meetings with the onsite mortgage advisor.

Most mortgage sales by banks in 2008 were non-advised. Are you sure it was an adviser and not a clerk? - it makes a difference.

The up shot of it is...we took out a joint mortgage, fixed rate at 5.99% for 10 years.

Not an unreasonable thing to do in 2008 as 5.99% is below the long term average for mortgage interest rates and there were concerns rates were about to rise.

After 6 months, my boyfriend left me and I had to continue to pay the mortgage on my own otherwise I would have lost my £13,000 deposit, not to mention the long term negative affect it would have had on my credit history.

That is a kick in the teeth.

The YBS would not take my ex off the mortgage because I couldn’t ‘afford’ it on my own. They also wouldn’t allow my parents to go on the mortgage because they didn’t live in my house

Their position is correct and normal.

Who the hell would advice a 25 year old, who’d been with a guy for 6 months, to tie into a mortgage for ten years...at 5.99%.

You probably were not advised. You were probably given information for you to decide.

However, at 25, you are well into being an adult and your legal adviser should have pointed out the risk warnings to you. That is unless you went with a basic conveyancing service to save money. In which case you would be expected to read the risk warnings for yourself and confirm you have done so.

Surely they forecasted the rates extremely wrong and I ended up paying £6000 (redemption charge) to come out of the mortgage and changed provider.

They did no such thing. Fixed interest mortgage rates are to give you the certainty of amount for the long term. Not to necessarily be the cheapest. To expect them to predict the credit crunch and global recession is daft.

I believe there a 6 year limit on these sorts of things, but is that statutory or just for guidance.

It isnt statutory. It is regulatory. The FCA guidelines are 6 years from the date of sale (ie.2008) and three years from being reasonably aware of an issue. Both rules need to be met to timebar.

Surely they forecasted the rates extremely wrong and I ended up paying £6000 (redemption charge) to come out of the mortgage and changed provider.

That was a personal decision you made. You didnt have to pay the ERC. You chose to do so. Its unlikely a complaint on that basis would succeed. Also, the date you changed the mortgage could trigger the 3 year clock.

Has anyone any advice, guidance, input, that could support my case.

The first thing to realise that mortgage complaints have a tiny success rate. Its not an area that has much success because
1 - The regulator mandated the key features illustration in 2004 and all lenders have to issue it to that format. The risk warnings are in there and you agree that you have read them.
2 - You get legal advice unless you choose to bypass that to save money. However, the conveyancer gets you to confirm you have read the risk warnings.
3 - Most bank sold mortgages were non-advised. So, you cannot complain about advice you did not get.

In your case you have the following issues
1 - you are complaining they didnt have a crystal ball.
2 - you are complaining that you lacked the maturity to have a mortgage. Yet you were 25.
3 - you are complaining that the bank couldn't predict your future relationship. Plenty of 25-year-olds buying a house together live the rest of their lives together.

Even if you are in the tiny number that succeeds in their complaints, you have the issue that the bank is allowed to take the gain in property value that has occurred. indeed, in a recent ombudsman decision, the FOS upheld the complaint (against a mortgage broker on an advised sale) but stated that the property must be sold within 12 months and only if there was a loss between the original purchase price and the sale price plus costs would there by any redress payable. We don't know if there was as that wasn't in the published decision. However, it was widely interpreted that the FOS did feel it was missold but the person was better off compared to renting and had made a financial gain and therefore shouldn't profit further.

It is always hard to predict an outcome on very limited information. However, on the basis of currently mortgage complaints and the reasons they succeed and fail its hard to see how you would have a valid case based on the reasons you have given.

mrswilliams12 wrote: »

Who the hell would advice a 25 year old, who’d been with a guy for 6 months, to tie into a mortgage for ten years

Banks provide mortgage finance not relationship counselling.