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  • FIRST POST
    • t1redmonkey
    • By t1redmonkey 6th Feb 18, 10:34 PM
    • 56Posts
    • 37Thanks
    t1redmonkey
    Mortgage mis-selling complaint?
    • #1
    • 6th Feb 18, 10:34 PM
    Mortgage mis-selling complaint? 6th Feb 18 at 10:34 PM
    Not sure if I'm being too ambitious here, but would I have any grounds for making a complaint if I feel like the interest rate on a 5 year fixed term mortgage I was sold in 2014 was too high, and not actually the best one that should've been available to me?

    I can't remember what other 5 year deals would've been like back then, but the one I got sold was 3.69% and had a max LTV of 80% - however considering I was putting down more than half of the purchase price as a deposit, I feel like I should've had access to better deals than this.

    Is there any point complaining about something like this, or are they just going to come back and say something like "Well you shouldn't have taken out the mortgage then" if I complain about it?
Page 1
    • Thrugelmir
    • By Thrugelmir 6th Feb 18, 10:56 PM
    • 58,190 Posts
    • 51,563 Thanks
    Thrugelmir
    • #2
    • 6th Feb 18, 10:56 PM
    • #2
    • 6th Feb 18, 10:56 PM
    however considering I was putting down more than half of the purchase price as a deposit, I feel like I should've had access to better deals than this.
    Originally posted by t1redmonkey
    Why the remorse now. You choose to accept the offer made to you. At the time it must have been acceptable. From the range of products then on offer not just to you, but everybody else who met the same criteria.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • t1redmonkey
    • By t1redmonkey 6th Feb 18, 11:09 PM
    • 56 Posts
    • 37 Thanks
    t1redmonkey
    • #3
    • 6th Feb 18, 11:09 PM
    • #3
    • 6th Feb 18, 11:09 PM
    Well I accept it's kind of my fault because at the time, I didn't really do much research myself, which in hindsight was very stupid and is one of the reasons why I don't know if there was actually anything better around or not (but I suspect there was). Due to various reasons, I'm only now getting around to reviewing all my monthly outgoings which is why I'm analyzing things like this.
    • Glover1862
    • By Glover1862 7th Feb 18, 3:41 AM
    • 270 Posts
    • 132 Thanks
    Glover1862
    • #4
    • 7th Feb 18, 3:41 AM
    • #4
    • 7th Feb 18, 3:41 AM
    If you have no idea what the other rates were at the time how can you think you have a claim?what makes you think you would have got the better rates? A high ltv does not mean you are guaranteed to be accepted.

    Suck it up and move on assuming there is some to suck up, really, 2014 and you are thinking you were done now.
    • ACG
    • By ACG 7th Feb 18, 7:38 AM
    • 16,698 Posts
    • 8,681 Thanks
    ACG
    • #5
    • 7th Feb 18, 7:38 AM
    • #5
    • 7th Feb 18, 7:38 AM
    Did you buy through a broker or the bank?
    If you are unhappy make a complaint to the person who sold.

    A 5 year fix 5 years ago doesnt sound too bad to be honest. My first mortgage 5 years ago with a 15% deposit was 3.5% but that was a 2 year fix. A 5 year fix will always cost more than a 2 year fix.

    Rates have come down a fair bit since then, I recently placed someone with defaults and a 15% deposit at less than 3.5% with an adverse lender.
    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.
    • kingstreet
    • By kingstreet 7th Feb 18, 8:05 AM
    • 33,178 Posts
    • 17,915 Thanks
    kingstreet
    • #6
    • 7th Feb 18, 8:05 AM
    • #6
    • 7th Feb 18, 8:05 AM
    Not sure if I'm being too ambitious here, but would I have any grounds for making a complaint if I feel like the interest rate on a 5 year fixed term mortgage I was sold in 2014 was too high, and not actually the best one that should've been available to me?

    I can't remember what other 5 year deals would've been like back then, but the one I got sold was 3.69% and had a max LTV of 80% - however considering I was putting down more than half of the purchase price as a deposit, I feel like I should've had access to better deals than this.

    Is there any point complaining about something like this, or are they just going to come back and say something like "Well you shouldn't have taken out the mortgage then" if I complain about it?
    Originally posted by t1redmonkey
    How did you buy this mortgage? Broker? Lender?

    Was it an advised sale? Was it information only?

    Did you receive a suitability report for the product?
    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.
    • dunstonh
    • By dunstonh 7th Feb 18, 9:21 AM
    • 92,162 Posts
    • 59,325 Thanks
    dunstonh
    • #7
    • 7th Feb 18, 9:21 AM
    • #7
    • 7th Feb 18, 9:21 AM
    would I have any grounds for making a complaint if I feel like the interest rate on a 5 year fixed term mortgage I was sold in 2014 was too high, and not actually the best one that should've been available to me?
    None whatsoever.

    r are they just going to come back and say something like "Well you shouldn't have taken out the mortgage then" if I complain about it?
    The thing about choice is that you get to choose. If you decide years later that you wished you chose differently then you dont get to complain about that.

    As you have no idea what the rates were 5 years ago, your complaint would be more frivolous than genuine.

    You were told the rate. You were given a key features illustration showing the rate and the terms. You agreed to those terms. So, what exactly has the lender done wrong?
    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.
    • amnblog
    • By amnblog 7th Feb 18, 10:38 AM
    • 10,410 Posts
    • 4,116 Thanks
    amnblog
    • #8
    • 7th Feb 18, 10:38 AM
    • #8
    • 7th Feb 18, 10:38 AM
    3.69% is typical 5 year fixed rate for 2014 at 80% loan to value.

    Looking at an 80% LTV case we did in August 2014

    Newcastle BS 3.52%
    Barclays 3.79%
    Nationwide 3.89%
    Nat West 4.09%
    Skipton 4.19%

    Our client was recommended none of these, we went with Clydesdale at 3.89% because there is more to a recommendation than just rate.

    This is no value in comparing rates available today with those of 5 years ago.

    You have no evidence that the rate was not the best one available to you, nor are you likely to find it.

    Move on.
    Last edited by amnblog; 07-02-2018 at 10:45 AM.
    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.
    • ACG
    • By ACG 7th Feb 18, 11:24 AM
    • 16,698 Posts
    • 8,681 Thanks
    ACG
    • #9
    • 7th Feb 18, 11:24 AM
    • #9
    • 7th Feb 18, 11:24 AM
    3.69% is typical 5 year fixed rate for 2014 at 80% loan to value.

    Looking at an 80% LTV case we did in August 2014

    Newcastle BS 3.52%
    Barclays 3.79%
    Nationwide 3.89%
    Nat West 4.09%
    Skipton 4.19%

    Our client was recommended none of these, we went with Clydesdale at 3.89% because there is more to a recommendation than just rate.

    This is no value in comparing rates available today with those of 5 years ago.

    You have no evidence that the rate was not the best one available to you, nor are you likely to find it.

    Move on.
    Originally posted by amnblog
    Good shout amn. I was only just getting going back in 2014 so do not really have any 5 year 80% LTV mortgages to compare to, but I did do a 5 year fix at 75% LTV and the rate was 3.29%.

    So the rate you have is probably actually not too bad for the time.
    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.
    • csgohan4
    • By csgohan4 7th Feb 18, 11:29 AM
    • 4,370 Posts
    • 2,732 Thanks
    csgohan4
    it isn't all just about rates as said, I could have got a slightly cheaper rate, but it would have involved more jumping through hoops and delays.

    My broker advised a quicker option and a little bit more interest, I chose it, I wasn't mis sold it, I made an informed decision, I am an adult and take responsibility for what I sign on the dotted line

    You will unlikely have no come back, you can try and make a complaint, but I wouldn't hold my breathe for compensation
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • Edi81
    • By Edi81 7th Feb 18, 12:44 PM
    • 426 Posts
    • 286 Thanks
    Edi81
    Take some responsibility!
    Conoensatio culture drives me crazy!
    • kingstreet
    • By kingstreet 7th Feb 18, 12:48 PM
    • 33,178 Posts
    • 17,915 Thanks
    kingstreet
    FWIW we ALWAYS write and email to the client a copy of a suitability report which explains why we recommended the lender and product we did and why other lenders with better rates were not recommended.

    This can be due to higher fees, client not meeting criteria, speed of service, property type and so on...

    The suitability report is issued just after the "sale" with Terms Of Business, FactFind, Illustration and Application so every client has to acknowledge receipt, understanding of the items/recommendation and that the documents properly reflect their circumstances.
    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.
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