fixed mortgages should banks gain from their sub-prime fiasco

in post #6 you said: even though we were badly let down at the start (when we were green) by overpaid mortgage advisers telling us that endowments were the way to go, we all know that one.

Where does this say a mortgage advisor sold me an endowment. The overpaying refers to the commission they received for bad advice. (Endowments paid large commissions to advisers) that little piece in the brackets is off Martin Lewis on his section about mis-sold endowments


No they didnt. Mortgage advisers are mortgage advisers. They are not authorised to set up or advise on investment products. They cant receive commission from them as they do not hold the regulatory permissions.

The criteria around what mortgage advisers can and can't do changed as a result of mis-sold endowements. So are you telling me they did not, at the time, get commission? again refer to Martin Lewis quote in brackets.

Only after I mentioned food standards... Plus, I see you have edited your post to say the FSA was replaced by the FOS. The FOS has not replaced the FSA.

I changed as a result of your pedantic thread and I changed to FOS as that was who I meant to put in the first place as the body I have complained to.

The credit boom showed a lack of responsibility. You had irresponsible banks giving money to irresponsible borrower. However, that has nothing to do with your issue. Mistakes in one area do not mean that every other area is wrong as well.

The irresponsible banks lending to irresponsible borrowers (someone who may have difficulty repaying the loan) is precisely why the financial collapse happened and that is what sub-prime lending is.

So, if you didnt like the rate, why did you buy it?

You really need to read more clearly I never said I wasn't happy with the rate (at the time). What I am unhappy with is the rates that I have been unavailable to obtain since and I'm paying the rate that was applicable prior to the financial crisis.

JimmyTheWig wrote: »

Are you (now) on a repayment mortgage, OP?
If so, I suspect that you are better off with your 4.98% 10 year fix than you wuold have been with a 5.49% 5 year fix followed by, say, a 3% 5 year fix.

I would have been exactly £600 better off with the 2x 5 year fix option of your choice, however I don't see that that is relevant.

dunstonh wrote: »

The posts are there. Your information is wrong. Perhaps you can provide some evidence of these commissions paid to mortgage advisers for investment backed products as that would breach regulator rules as they would be acting outside remit and unlawfully.



Mortgage advisers have never been able to recommend or set up endowments. It required investment authorisations to do that.



If you are happy with the rate then why you are complaining about it? Your complaint will thankfully fail as it is a daft complaint and your allegations are outside the remit of the FOS as they have no ability to rule in commercial decisions. All they will do is make sure the disclosure documents at the time matched what you got.

You seem to want your cake and eat it. You were happy with the rate when you bought it. You knew it gave you certainty of payment whether rates went up or down. No doubt had rates gone up, you would still be happy with it. However, as rates have fallen you believe that they have done something wrong despite completely adhering to the terms of the contract you were more than happy to enter into.

Your complaint has to rank as one of the daftest i have seen. Throwing your toys out of the pram and quoting unrelated things and wiki entries does not aid your complaint either.

Coming back with the same response time and again is getting us nowhere, where did I say the mortgage advisor sold me my statement was
'overpaid mortgage advisers telling us that endowments were the way to go'
Unless you are misreading telling for selling.
I can only tell you what happened when we went for advice on our mortgage in 1993. and I don't recall you being there.
We were advised that our best option was an endowment. This was based on the the same facts that everybody else who have had payouts for mis-selling was obviously told.
They arranged the endowment and they would have received the commission as we did not pay any money for this advice.
Again you still fail to tell me how else they get paid.
Do you believe that Martin Lewis is incorrect in his statement I gave you before?
You again ask why I am complaining about the rate I don't believe I could put it in a different that would sink into that skull.
If you disagree fine but dont ask me to explain what I already have.
The FOS are already looking into the claim and may or may not agree, if it fell outside their remit they would have said at the start as I have discussed this over the phone.
The wiki entry may not aid anything but I cannot find anywhere else on the web where I can get the information as to exactly when the banks were aware.

answer these questions
how else did they get paid.
Do you believe that Martin Lewis is incorrect in his statement Endowments paid large commissions to advisers