Mortgage Missold?

I am agreeing it does seem strange but it was only reading on the FOS site that you were missold your mortgage if it went into retirement age that set me off researching this more.

Where does it say that? The FOS generally use less specific words. such as "you may have been missold it...". Rarely would it say you have been missold if.....

Mortgages into retirement are allowed. It is a potential missale if the risk warnings were not present and it was an advised case (but not a non-advised case) and there was no reason for it. However, for most of these there is a reason documented (such as lower affordbility now and intention to pay the small amount outstanding from pension lump sum).

I know I didn’t have any paperwork apart from what my new payment would be.

Which suggests it is a non-advised sale.

I thought these mortgage claims companies were checking if you had been on the correct interest rates or the monthly payments were worked out correctly etc. I only started reading up on things because of this credit that is showing on my credit file etc that the mortgage company dismisses whenever I have asked about it.

Mortgage claims by CMCs have been hit by fraud and unscrupulous companies obtaining funds by other means. Such as litigation funding. They need as many people to sign up as possible to then get crowdfunding investors interested. The investors end up losing most of their money when the complaints fail but the company has creamed off the money after stringing them along for a number of years. Or they tell people that they have been missold but then come back to them saying their solicitor needs paying for and then an insurance policy needs to be bought to protect the solicitor for losses. This is where they make most of their money.

The actual uphold rate on mortgages is only around 1 in 10.

We still need to when (approx) you first bought the interest only mortgage. Not a remortgate or a new deal. The date you actually first borrowed the money on interest only basis. it makes a big difference. We know you bought a deal after 2004 but its the original deal that matters.

Thanks for the date updates. It does change things.
I suggest you go find the paperwork as a move to interest-only around 2007 from a repayment mortgage is highly unusual and would normally only occur if you were having affordability problems. If that is not the case, then you have good grounds to question it.

My partner did have a good pension but was diagnosed with terminal cancer so cashed it in to travel before he became too ill.
A lot of it went on an operation that would buy him more time that we couldn’t get through the NHS so what might have been in place to pay a mortgage after retirement isn’t there anymore
Plus without selling the house we have no way of paying the mortgage back

Did the switch to interest-only coincide with that period? I wonder if it was a case to make it more affordable on a monthly basis and allow the life assurance to pay it off upon death?

I well remember Jackanory.