Mis sold mortgage help

2

Comments

  • ACG
    ACG Posts: 23,677
    First Anniversary Name Dropper First Post I've helped Parliament
    Forumite
    Where is the miss sale?
    - You could not afford repayment so you did interest only.
    - You were told to set up an ISA, you did not.
    - Your mortgage payments dropped by £500 a month and you did not make overpayments or put in to a savings pot.
    - Your credit report was poor - not your fault, but the broker found you a solution for your credit report at the time. You could have held fire and rectified the situation or spoke to the broker once the report was rectified.

    I have never had a complaint, but if this complaint hit my desk I do not think I would be losing any sleep at night.

    I am not biased (despite my job). If a broker has shafted a customer I am the first to try and help them as it reflects badly on our industry and my occupation. But the broker has explained everything they needed to and financially you are no worse off as you could not afford a repayment so the alternative would have been to rent.
    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.
  • So me being told that I can afford a mortgage by a broker that is supposedly an expert in mortgages if I just sign a few forms and take out an ISA that he knows I will not be paying into is me lying? Me not really understanding what I was doing is very different to me intentionally trying to commit fraud and although I agree that there is no complaint to be made the information that I was looking for was to ascertain whether the broker's actions warranted a complaint. I was not really asking for a judgement on my actions as I initially stated that I had been useless but if my incompetence had been taken advantage of by a broker's actions in a position with greater knowledge then a complaint could have been warranted.
  • dunstonh
    dunstonh Posts: 116,036
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    Wow, tough crowd. Am guessing that most of you are mortgage brokers then.

    I'm not a mortgage broker. However, I go to the FOS meetings and discussions about current issues and outcomes come up during those. Missold mortgages came up and the FOS explained what they do with those.

    Also, just because you do not like the answers, does not mean they are wrong or biased.
    The amount of money that the property has made and the amount of money that I have saved in rent by buying the property is uttey irrelevant to the quality of advice that I was given, which was my question.

    Quality of advice is one thing but the measure of putting it right is a financial loss. You have no financial loss. Also, you havent given a convincing argument you were missold using the rules of the day.
    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.
  • IAmWales
    IAmWales Posts: 2,024 Forumite
    So me being told that I can afford a mortgage by a broker that is supposedly an expert in mortgages if I just sign a few forms and take out an ISA that he knows I will not be paying into is me lying? Me not really understanding what I was doing is very different to me intentionally trying to commit fraud and although I agree that there is no complaint to be made the information that I was looking for was to ascertain whether the broker's actions warranted a complaint. I was not really asking for a judgement on my actions as I initially stated that I had been useless but if my incompetence had been taken advantage of by a broker's actions in a position with greater knowledge then a complaint could have been warranted.

    You were happy to misrepresent your intentions in order to get the mortgage. What did you not understand about that?

    (Not a broker either. First mortgage at twenty, not the best deal, but didn't try to pass the blame or claim compo.)
  • I am in total agreement that there is no complaint to be made and there has never been a question of me liking it not liking the answers, I was simply looking for some opinions on the broker. I wasn't asking for comments on my level of responsibility or for people to say that having made money I automatically do not have a case as this is simply not true. Just because my property has made a profit it does not mean that I have lost out as the interest rate that I have been paying is higher than the rate that I should have been paying. I understand that the broker was working with what was in front if him but if I say that I have never had any credit problems then his response to my application being rejected could have been "look at your credit file and get back to me" rather than "well I'm afraid you have no choice but a sub prime lender." Nothing against the rules here but a good or bad broker would react differently.

    As for me choosing what to do with the £500 difference between higher rates and lower rates, this is again irrelevant. My query was whether the product had been mis sold, which clearly it had not, and I was not asking for some sort of lifestyle advice for how I could run my finances differently.

    This is my first post on here having only recently opened an account so maybe I was mistaken in expecting more from the forum. My question related to whether I had a case to complain about a broker that sold me my mortgage and nothing more or less than this. I appreciate some of the comments that have simply addressed this as you have appeased my questions over this.
  • -taff
    -taff Posts: 14,423
    First Anniversary Name Dropper Photogenic First Post
    Forumite
    You got the mortgage you could afford at the time, didn't listen to the broker telling you you needed a repaymen vehicle for when the interest only mortgage finished, decided to go ahead with it even though you had markers on your credit file.
    Far from being young and naive, you were young and impatient and didn't see the value in waiting.
    You've got no comeback for this.

    The broker got you the mortgage with the information you gave him at the time.
    Shampoo? No thanks, I'll have real poo...
  • Thrugelmir
    Thrugelmir Posts: 89,546
    Name Dropper Photogenic First Anniversary First Post
    Forumite
    Wow, tough crowd. Am guessing that most of you are mortgage brokers then.

    No. Nor are we are on here to judge or be unsympathetic to your situation. Majority simply pass on observations from our own work backgrounds and life experiences. We all make decisions in life that we later regret. Ultimately responsibility lies with ourselves. Seeking recompense is right and proper in certain circumstances. Hindsight alone isn't a valid reason though.
  • Happy to misrepresent my intentions? Why are you trying to make this a personal attack on me? I have admitted to being useless so my intentions were quite simply to do what the broker told me to do. I am not trying to pass blame or claim comp but simply asked a question as to whether a broker had acted in accordance with the rules. It may come as a surprise to you, but the financial sector does have some people that would act outside of the regulations to get a sale.
  • I wasn't asking people if they thought that I had been impatient when I was 25. Or if I had commited fraud, or lied or spent the money that I had saved on my mortgage in the wrong manner. But thanks for the answers to these questions should I ever feel the need to ask them...
  • dunstonh
    dunstonh Posts: 116,036
    Name Dropper First Anniversary Combo Breaker First Post
    Forumite
    My question related to whether I had a case to complain about a broker that sold me my mortgage and nothing more or less than this.

    What is your motive or intention after a decade? It wont affect the broker (assuming he is still around). If wont have anything for you. The rules on mortgage advice known as the MMR came in years after this. So, whilst the standards of what he did in 2007 wouldnt meet current rules, he would not be affected by current rules. It could even do damage if you did disclose information in the application that was not quite truthful. By making a complaint against that broker, he could decide to get payback and attempt to get you on the mortgage fraud register. Where there has been genuine "misselling" it often pays to keep quiet as it takes two to tango and there is no point creating ripples that could come back and hurt you. That is not an idol threat. Mortgage fraud is captured under the anti-money laundering guidelines and is required to be reported. If this broker uses an independent file checker and complaints handler, they would have no choice to report you if they found what you were telling them in the complaint was different to what you put on the application.

    You need to remember that going back to pre-credit crunch, "good" mortgage brokers were viewed as the ones that got you the mortgage. Indeed, I recall the story a broker told me where he told the person they wouldnt get a mortgage. Yet a few days later, that person came back and told them a broker down the road was much better as they got him a mortgage. Back then, what was "good" was not viewed the same way as what is "good" today. The good broker got called bad and the bad one got called good. It was a different world before the credit crunch. Credit was easy. Nobody cared. It looks wrong by todays standards but it doesnt matter. Complaints are looked at on the standards of the day.
    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.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.5K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607.1K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards