Mis-selling of Mortgage

[dipsy007]

Does anyone have any information on how I can go about claiming for a mis-sold mortgage? The property has now been repossessed by Northern Rock but I am sure that the mortgage was mis-sold initially. My daughter and I had a joint mortgage and she tried to claim through a company called Diamond and after paying out two lots of £10 were told that the information required was no longer available. Is this right?

Thank you

[Amethyst]

Re: Mis-selling of Mortgage

Why do you believe the mortgage was missold to you?

[Ruby]

Re: Mis-selling of Mortgage

Are Diamond a claims management company? Sounds like you could have been conned out of £20. What makes you think you were mis-sold this mortgage? Can you perhaps give us some more details?

[dipsy007]

Re: Mis-selling of Mortgage

Hi and thanks for your response.

Diamond were a company who dealt with mortgage mis-selling for a 30% fee. My daughter proceeded with this against my better judgement!

I believe the mortgage was mis-sold for two reasons; the first being that the term of the mortgage would exceed my retirement date by at least 10 years and I was the main name on the mortgage.

Secondly, the mortgage was 100% mortgage and was topped up by two loans in order for us to be able to afford it. All above board according to the mortgage broker who has since gone out of business.

I think that this constitutes bad advice and believe that it would not be allowed today?

Thank you

[wales01man]

Re: Mis-selling of Mortgage

Did you accept the Mortgage and the extra money?

[dipsy007]

Re: Mis-selling of Mortgage

Unfortunately, yes... I get your point. However, it did not occur to me that the mortgage would run beyond my retirement age at the time as my daughter was young enough. She has subsequently had a child, got into difficulties paying the mortgage and the home has been repossessed. A sad tale!

[Ruby]

Re: Mis-selling of Mortgage

From my understanding I believe that some companies at the time before the 2008 financial crash were offering 100% mortgages. There is a good reason why Northern Rock (now NRAM) had to be rescued by the tax payer . I can imagine that they took into account your daughter's age when they accepted your mortgage application. Unfortunately I do not know the legalities about whether both parties have to be pre retirement age by the time the mortgage is paid off.

Never use companies who claim they can get money back for you, especially those who ask for upfront fees. With a little bit of time and research what they do you can do yourself and save money.

[dipsy007]

Re: Mis-selling of Mortgage

It is just so sad that they were utterly blinkered when it came to the time that my daughter couldn't afford the full mortgage. (I wasn't living at the property as she was by this time married). They refused to let her go onto an extension of her interest only mortgage which she could just afford and now they are left with a massive negative equity and no way of getting the money back ( I have entered an IVA and my daughter is about to)