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What should I be looking for in a mis sold Mortgage.I've moved my mortgage from my bank to a self certified lender.My present lender/Broker sent out a direct mail shot to me stating that could be released on the property as i had a loan with them the previous year My Property was a right to buy.I took it out in mar 2007 some of the monies was used for home improvements and the other was to clear some loans.I had a good credit file everything I paid was all up to date and I didn't have any problems paying anything written on the illustration it states that the mortgage was recommended by them because it reflected past or present financial difficulties.It also had an early redemption fee on it for 3 years.I've read somewhere that Lenders are not supposed to put people in the sub prime market with an unblemished credit file and also direct approach marketing is another disapproved as bad practice.The mortgage would take me to the age of 64yrs and my husband 66yrs.I'm still self employed with Arrears as my business has dropped in profit.The mortgage lender did send out letters that they thought they might of missold it and that it wasn't right.I challenged them before I was in arrears but they wouldn't up hold my complaint I wasn't very well up on debt back then as I didn't have any.From what I gather they started to try an off load their Mortgage portfolio to Carr Finance and Central Mortgages the company had huge finacial problems which I've since found out as they got rid of 180 staff in 2009.
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Re: Mis Sold Mortgage
Why do you think you where misssold and why do you think you have a subprime mortgage??? There used to be plenty of prime Self cert mortgages.Originally posted by ruth38 View Post -
Re: Mis Sold Mortgage
I didn't have any financial problems when I took it out and the interest rate was high and remains so.I only saw the reference to Past or present financial difficulties the other year and wondered why it was put on it.Comment
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Re: Mis Sold Mortgage
Thing is, your self employed, so im guessing your accounts didnt show enough to get a mortgage without it being self cert. And being self cert means the interest and repayments are probably a lot higher than most.
So i dont see that being a miss selling, but rather a "its all you can get" senario.
The age of when the mortgage ends isnt strange either, my mothers run to 70. Simply because she wanted to stretch the payments out longer. Some lenders will allow an age greater than 60 or 65.
The statement about financial difficulties is puzzling, should be looked in to, but may not have the impact your hoping for. In my opinion.Last edited by SXGuy; 26 April 2013, 06:39.I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.
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