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  • FIRST POST
    • stephenreay
    • By stephenreay 12th Mar 18, 4:56 PM
    • 1Posts
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    stephenreay
    S&s
    • #1
    • 12th Mar 18, 4:56 PM
    S&s 12th Mar 18 at 4:56 PM
    Has anyone been contacted by these companies that will take on your Interest Only Mortgage Missold and charge you a whopping 35%, plus VAT and the cost for expenses. I have but decided against it... can I do this on my own
Page 1
    • ACG
    • By ACG 12th Mar 18, 5:02 PM
    • 17,028 Posts
    • 8,916 Thanks
    ACG
    • #2
    • 12th Mar 18, 5:02 PM
    • #2
    • 12th Mar 18, 5:02 PM
    Yes. You just write a letter to the lender directly explaining that you believe you were miss sold and why.

    Having an interest only Mortgage in itself is not a miss sold Mortgage. I did 2 last year, they are still allowed now.
    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.
    • dunstonh
    • By dunstonh 12th Mar 18, 5:04 PM
    • 92,979 Posts
    • 60,357 Thanks
    dunstonh
    • #3
    • 12th Mar 18, 5:04 PM
    • #3
    • 12th Mar 18, 5:04 PM
    May as well save you the effort. The FOS are not upholding complaints about interest-only mortgages sold prior to the credit crunch. It's as near as you can get to an automatic rejection on that particular point.

    This is why there are so few claims companies doing complaints about so called missold mortgages. The few that are, tend to hit you with either an up front fee, or the more typical model of telling you there is no fee. Then a month or so later telling you that you have been missold but their solicitors can only proceed if you then pay a fee. That is where they make their money. Not the failed complaint that leaves you out of pocket.
    Last edited by dunstonh; 12-03-2018 at 5:07 PM.
    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.
    • AnotherJoe
    • By AnotherJoe 12th Mar 18, 6:36 PM
    • 9,600 Posts
    • 10,670 Thanks
    AnotherJoe
    • #4
    • 12th Mar 18, 6:36 PM
    • #4
    • 12th Mar 18, 6:36 PM
    Why are your grounds for thinking you were missold ?
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