Trusted Mortgage Claims

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NYClaire
NYClaire Posts: 41 Forumite
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in Mortgages & endowments
Anyone had any experience with claiming a mis sold mortgage? It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?
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  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Were you mis-sold a mortgage? If not, then no, it's not worthwhile looking into.
  • dunstonh
    dunstonh Posts: 116,485 Forumite
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    Anyone had any experience with claiming a mis sold mortgage?

    No personal experience but I have been following FOS decisions in this area.
    It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?

    I won't repeat everything mentioned on another thread about this made earlier in the week.

    However, most mortgage complaints fail and the FOS uphold rate on mortgage complaints is lower than the average at just 1 in 4 and most of those are about mortgage admin issues and not missale. The FOS itself has said that the only real area they have concerns over is where sub prime was sold where prime would have been suitable.

    Most of the CMCs active in the mortgage complaint field have up front charges or secondary charges (i.e. they say no win no fee but then hit you with fees after telling you porkies about you having a case which could get you £xxxxx but their solicitors need the money to take it further - also known as advance fee fraud). The money made is the fees they take from you.

    So, why do you think you were missold?
    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.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    NYClaire wrote: »
    Anyone had any experience with claiming a mis sold mortgage? It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?


    How did it come about that they contacted you?
  • amnblog
    amnblog Posts: 12,456 Forumite
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    NYClaire wrote: »
    It seems to be like it’s just a claim company out to make money from us but didn’t know if it was worthwhile looking into?

    That would be because it’s a claim company out to make money from you, or anyone they can find.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ronjen
    ronjen Posts: 1 Newbie
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    is it worth checking a interest only mortgage
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    Depends. Are you a vulnerable adult, unable to understand the concept of only paying the interest rather than repaying the loan ? If so perhaps it's best for you to rent rather than have the responsibility of owning a house and dealing with a mortgage and working out how to repay the original loan.
    Is there a responsible person who can help you with your financial decisions ? Perhaps ask them to sell your house and move you back into rented.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    ronjen wrote: »
    is it worth checking a interest only mortgage
    You haven't read the comments above, have you?
  • ACG
    ACG Posts: 23,751 Forumite
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    Trusted Mortgage Claims - the company I reported twice in the space of a month for making unsubstantiated claims. The ASA agreed.
    What does that tell you about the company?
    I am a Mortgage Adviser
    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.
  • amnblog
    amnblog Posts: 12,456 Forumite
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    It tells me you have rumbled them ACG.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • SonOf
    SonOf Posts: 2,631 Forumite
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    ronjen wrote: »
    is it worth checking a interest only mortgage

    On what basis?

    The FOS & FSCS have repeatedly rejected the vast majority of interest only complaints where the borrowing was taken out prior to the credit crunch.

    So, why do you think yours was missold?

    The FSCS have just recently criticised claims companies for speculative complaint raising on mortgage complaints and the uphold rate is as low as 5% of complaints made.

    Even if you complain and succeed, the outcome takes into account any equity value you have gained on the property. So, even on successful complaints, there is usually no money paid out.
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