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Results: Is it fair banking institutes have gained with fixed rate mortgages just before sub-p

Yes

70.59% • 24 votes

No

23.53% • 8 votes

Don't know

5.88% • 2 votes

You may not vote on this poll

34 votes in total.

  • FIRST POST
    jonesoswestry
    fixed mortgages should banks gain from their sub-prime fiasco
    • #1
    • 26th Mar 14, 5:57 PM
    fixed mortgages should banks gain from their sub-prime fiasco 26th Mar 14 at 5:57 PM
    We have an issue with a 10 year fix we took out in 2006, on 2 fronts.
    We have been in touch with the Woolwich and the FSA (now FOS ).

    When we took out our 10 year fix with the Woolwich we were obviously unaware, and would not expect, that the banks had been involved in a sub-prime lending ticking bomb which would affect future interest rates for the next decade. Our decision to take out the mortgage

    At the time, 23rd august 2006, and I still have the documentation to prove this, the Woolwich was offering a better rate for a ten year fix than a 3 year fix and 5 year fix and better than their variable rate at the time.
    How often will you see one lender offer a 10 year fix interest rate lower than their 3year or 5year fix.

    Our issues are:-

    A. It has always seemed unfair that we have suffered by paying a higher rate and the banks have benefited as a result of their bad financial practices.
    B. Did they know this was about to happen and where therefore offering lower rates to entice as many people in before the event.

    Wikipedia states that the banks became aware of the sub-prime bomb in the summer of 2006.

    Do people think Woolwich knew and is it fair they have gained from the banking bad practise they were part of.
    This may refer to other lending institutes.
    Last edited by jonesoswestry; 27-03-2014 at 11:01 AM. Reason: pedantic reply
Page 8
    • Let Us See
    • By Let Us See 15th May 14, 9:51 AM
    • 1,319 Posts
    • 473 Thanks
    Let Us See
    Some people just cant accept when they're wrong, so much so they have to believe it is bizarre when a decision is different to theirs!!!
    Originally posted by donttrustfinancialadvisor
    You have entirely missed the point. Whether or not you believe or support the findings is immaterial, it is the possible far reaching consequences of such a judgement that is immediately recognised by people within the mortgage industry. If my understanding of this judgement is correct, then potentially this ruling could dwarf the billions paid out under PPI claims.

    I have no axe to grind with jonesowerstry but I would like to see the complete FoS ruling.
    • antrobus
    • By antrobus 15th May 14, 9:58 AM
    • 16,899 Posts
    • 23,894 Thanks
    antrobus
    Finally.
    'I have instructed the Woolwich B.S to compose a compensatory package for losses arisen.'
    I find that statement rather curious, given that the Woolwich B.S ceased to exist in 2000, and wonder why someone would be attempting to communicate with a non-existent institution.
    • kingstreet
    • By kingstreet 15th May 14, 10:03 AM
    • 35,686 Posts
    • 19,527 Thanks
    kingstreet
    The OP may have a "Columbus" situation here.

    He set out to achieve one thing, but succeeded in achieving something else instead.

    A win on a "how/why" is still a win, even if the original issue was the "what."
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • BillJones
    I find that statement rather curious, given that the Woolwich B.S ceased to exist in 2000, and wonder why someone would be attempting to communicate with a non-existent institution.
    Originally posted by antrobus
    I'm now not sure if the OP was a troll from the start, or just invented this "victory" after looking too foolish for them to bear.
    • antrobus
    • By antrobus 16th May 14, 10:06 AM
    • 16,899 Posts
    • 23,894 Thanks
    antrobus
    I'm now not sure if the OP was a troll from the start, or just invented this "victory" after looking too foolish for them to bear.
    Originally posted by BillJones
    You might very well think that; I couldn't possibly comment.
  • jonesoswestry
    I'm now not sure if the OP was a troll from the start, or just invented this "victory" after looking too foolish for them to bear.
    Originally posted by BillJones
    Hi dad
    I'm on holiday for a week when I get back I will put the full letter on here.
    • Mortgage_Mark
    • By Mortgage_Mark 16th May 14, 12:18 PM
    • 851 Posts
    • 352 Thanks
    Mortgage_Mark
    *Quickly brushes up on photoshop skills*
    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.
    • inkiboo
    • By inkiboo 22nd May 14, 7:34 PM
    • 64 Posts
    • 30 Thanks
    inkiboo
    Hi dad
    I'm on holiday for a week when I get back I will put the full letter on here.
    Originally posted by jonesoswestry


    Hi. How was the holiday?
    Smile and be happy, things can usually get worse!
    • Mortgage_Mark
    • By Mortgage_Mark 28th May 14, 12:07 PM
    • 851 Posts
    • 352 Thanks
    Mortgage_Mark
    Is he back yet?
    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.
    • inkiboo
    • By inkiboo 29th May 14, 8:37 AM
    • 64 Posts
    • 30 Thanks
    inkiboo
    I don't think we'll be seeing this fantasist again.
    Smile and be happy, things can usually get worse!
    • dunstonh
    • By dunstonh 29th May 14, 11:15 AM
    • 98,581 Posts
    • 67,058 Thanks
    dunstonh
    I've checked the FOS decisions and nothing published that matches this.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • jonesoswestry
    After many weeks deliberation I have finally received a figure agreeable to both parties at 3467. I think it has been well worth the aggravation and hope this concludes the thread.
    • JimmyTheWig
    • By JimmyTheWig 22nd Aug 14, 5:27 PM
    • 11,897 Posts
    • 11,426 Thanks
    JimmyTheWig
    That proves it happened then.
  • jonesoswestry
    That proves it happened then.
    Originally posted by JimmyTheWig
    Put your finger here, and look at my hands. Put your hand into the wound in my side. Don't be faithless any longer. Believe
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