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    • Bala99
    • By Bala99 15th Oct 19, 10:44 PM
    • 16Posts
    • 0Thanks
    Mortgage Missold?
    • #1
    • 15th Oct 19, 10:44 PM
    Mortgage Missold? 15th Oct 19 at 10:44 PM
    Started out thinking that I might be able to look into a particular mortgage we had which we were sure wasn’t calculated correctly.
    We have a credit showing on the account after the mortgage was paid off.

    We have queried it a couple of times and was told it wasn’t really there.

    Then started reading about missold interest only mortgages.
    We currently have one.
    One of the things that I was reading was if an interest only mortgage was taken out and the term was beyond retirement age then it was missold.

    Mortgage goes on till my partner is in his 70s. Even I will be beyond retirement.

    I know we should have thought about it when we took it out but no one said anything and I will be honest it never crossed our minds.
    First time I actually thought about paying the mortgage off in retirement was when I read about it today.

    I know it is obvious but at the time we took the mortgage out in our defence we had 2 under 2s and my brain was mush and we were completely sleep deprived.

    What exactly does it mean having been missold a mortgage and can you actually be compensated for it.

    Thanks for reading and thanks in advance for any advice.
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    • Lover of Lycra
    • By Lover of Lycra 19th Oct 19, 10:38 AM
    • 435 Posts
    • 1,239 Thanks
    Lover of Lycra
    OP, was it a self cert mortgage you got in 2007?
    • SonOf
    • By SonOf 19th Oct 19, 4:36 PM
    • 1,754 Posts
    • 2,017 Thanks
    Really? I thought lenders were still quite happily dishing out I/O mortgages in 2007 which is why it all went tits up the following year.
    Originally posted by Lover of Lycra
    Yes they were. However, that was mainly for new borrowing or remortgaging existing interest only. To go from repayment mortgage to interest-only is highly unusual unless it was for affordability reasons or a specific reason.
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