do i have a case for a mis sold mortgage by GE money

[PlanB]

Re: do i have a case for a mis sold mortgage by GE money

when i telephoned GE money on Tuesday16th April to request they send the brokers letter to me - as yet has not arrived - i do not know who the new broker is - GE money were very vague about them - they could not tell me! - they said, i would have to make inquiries myself - until i receive the letter i can't act further - or can you give me advice on how to achieve this?
And yes, they did not take our financial circumstances into account - which only makes me more determent to go further with my complaint.

What new broker? Once the broker has arranged your mortgage that's the end of the business relationship (in 2008). If that broker got it wrong (in 2008) and subsequently went into administriation then you complain to FSCS as previously said.

You seem very angry, has something else happend like mortgage arrears problems or is the end of the loan term due any minute and you're worried about how you can pay it off? Something must have triggered your enquiry so let's see if we can help with that underlying issue too

[respect]

Re: do i have a case for a mis sold mortgage by GE money

You are very clever - i never missed a payment as made sure it was paid DD as soon as pay went into bank - and yes you are right to assume that the term is due to end - on July 2nd - i am really worried.
especially when the broker visited the home did not make it clear and said an interest only was the best mortgage for our circumstances - i should not have been as trusting - or as i see it now stupid

[respect]

Re: do i have a case for a mis sold mortgage by GE money

You are very clever - i never missed a payment as made sure it was paid DD as soon as pay went into bank - and yes you are right to assume that the term is due to end - on July 2nd - i am really worried.
especially when the broker visited the home did not make it clear and said an interest only was the best mortgage for our circumstances - i should not have been as trusting - or as i see it now stupid

[respect]

Re: do i have a case for a mis sold mortgage by GE money

yes loan ends on July 2nd - did not fall behind in my payments - DD every month - broker did not make clear to myself or my husband the way a interest only mortgage worked - said it was the best one for our circumstances. we are paying for the lack in information given to us - we are not clear on any of the mortgage deals - therefore thought he was acting in our best interest - stupid or what

[PlanB]

Re: do i have a case for a mis sold mortgage by GE money

You are very clever

Well thank you :yo:

I have had loans from GE Money so I know how they work. It seems the priority for you is to try to get the loan term extended while you either re-finance or sell the property. If your credit rating is good they may offer you a new product through one of their intermediaries (because GE Money don't deal direct with the public). Luckily for you they are one of the few niche market lenders who are still lending but it will probably have to be on a repayment basis this time because interest only mortgages are not readily available anymore

http://www.gemoney.co.uk/en/mortgage...mediaries.html

None of this stops you complaining about the original broker who may have missold you the product but that can take months to process. If it was me I'd put my energy into pursuading GE Money to come up with an extension to your loan

[gravytrain]

Re: do i have a case for a mis sold mortgage by GE money

No the re mortgage was not taken out then - taken out in 2008

The rules regarding tax relief on interest only mortgages altered in 1984 which is why I asked, before this time it was one of the preferred options for many brokers.

I have to say that this is quite a short arrangement, only 5 years, if you expected to repay the Principle and the interest your installments must have been a large proportion of the property alue

[respect]

Re: do i have a case for a mis sold mortgage by GE money

I wrote to them 2 weeks ago for an extention on my loan - they have not replied - when i telephoned them they would not consider this at all!!!!!
There advice was to sell/ repossesstion/litigation
If it came to repossession - what would you advice me to do?

[respect]

Re: do i have a case for a mis sold mortgage by GE money

Over the 5years i paid in total around £26,000 - left with balance of £72,000.

[gravytrain]

Re: do i have a case for a mis sold mortgage by GE money

Did you pay a deposit , you say you bought in 2008, does this mean that you are now in negative equity

[PlanB]

Re: do i have a case for a mis sold mortgage by GE money

I wrote to them 2 weeks ago for an extention on my loan - they have not replied - when i telephoned them they would not consider this at all!!!!!
There advice was to sell/ repossesstion/litigation
If it came to repossession - what would you advice me to do?

Try not to think in those terms :hug:

Repossession can take months but you don't want to lose control of the sale so avoid it at all cost. Sometimes a lender will let you stay in a property following the end of a mortgage term if the house is on the market and you continue to pay the interest. You do have options so don't panic yet. I'll be back after the weekend :typing:

[respect]

Re: do i have a case for a mis sold mortgage by GE money

can you give me a specific area as there seems to be many different places on the Trinity website

[respect]

Re: do i have a case for a mis sold mortgage by GE money

Thanks need more help with this - speak after weekend

[respect]

Re: do i have a case for a mis sold mortgage by GE money

No deposit - and yes in negative equity

[scoobydoo]

Re: do i have a case for a mis sold mortgage by GE money

Just catching up on this thread and wondering how you are getting on? Can I just ask why this was over such a short term? Were you coming up to retirement?

[messimoo]

Re: do i have a case for a mis sold mortgage by GE money

Subbing to this as I have Just began a case with the FSCS myself for missold mortgage as the broker turned out to be somewhat iffy (I'll start a new thread concerning this) with GE