Mis-sold Mortgage - Broker sold me the mortgage...

[redrose281]

After having taken on my bank and won a substantial case with the help and advice of the Legal beagles, I am now going to take on my Mortgage Company.

I was mis-sold my mortgage, the mortgage was sold to me by a broker who has now ceased trading. I have contacted the mortgage company and they have told me as that it was broker who sold me the mortgage, they are not responsible, please can anyone tell me if this is correct ?

many thanks xx

[meellis]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

I am unsure if it is totally correct but the mortgage company would want you to believe it. I am sure under some circumstances they would have some responsability

[des8]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

It depends on how the mortgage was missold.
If it was just poor recommendation it could be down to the broker but "It is the lender who is held accountable on the basis of negligence because it is the underwriter who signs it off at the end of the day. It is extremely hard to prove a mortgage was missold.” (Director and former sub-prime mortgage broker Simon Helliwell)

[redrose281]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

Thank you very much for your replies meellis and des8.

We were sold an Interest Only Mortgage with Self Certification as the broker told us this was the only sort of mortgage we could get taking into account my Partners Income and my Dependants Pension.

My partner left me some years ago but I have been fortuanate in that I have come into some sums of money which have kept me `ticking along` and enabled me to pay the mortgage, however, I am now struggling and recently, it has been pointed out to me that the circumstances under which we were sold my mortgage come under the banner of `mis-selling`.

I am unsure as to how true this is, but certainly looking on the net, it would appear I have been a victim of mis-selling, I therefore wrote to my Mortgage Company, and they have written back and informed me that as my mortgage was sold to me by a broker, they are not responsible.

Any ideas how to take this forward please?

Thank you so much in advance.

xx

[des8]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

Certainly you seem to meet at least some of the criteria necessary to make a claim.

If your mortgage company are correct in their denial of responsibility. you might be able to make a claim against the Financial Services Compensation Scheme (but the broker must have been authorised by FCA or PRA (check here> http://www.fca.org.uk/firms/systems-reporting/register)

First of all you need to gather all your info, details of the amounts you have lost (or overpaid because your mortgage, being self certified , was at a higher than normal rate)
why you think it was missold etc.
As your mortgage company have turned down your claim, you could in the first instance complain to the Financial Ombudsman Service.
If you think your claim should be against he Financial Services Compensation scheme see here<http://www.fscs.org.uk/your-claim/

[redrose281]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

The plot thickens...i have today received all of the documentation I requested via the SAR, and all of the paperwork is completed in the wrong surname, i. e not mine!! Surely this means none of the correct checks would have been made and the name on the application wouldn't even have been registered on the electoral register for this address? How do I stand legally with this please? Thank you xx

[des8]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

Are you really saying the name on the application form is not yours? What about the signature?
Do any of the details match?
Is the application for the property on which you have the mortgage?

I just wonder if the lender had a previous application by another person which was not completed, and have mixed up the papers and sent you the wrong set.

[redrose281]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

Hi Des8, thank you for your reply...the surname is wrong, the first two names are thesame an the address is the same, but the surname is wrong? My signature is correct but looks photocopied and I would ccertainly never have signed something g which has my surname wrong on it multiple times? It's bizarre! It's handwritten in block capitals...Additionally, it appears another zero has been added to my income which certainly would match up with the proof of income I supplied and also the surname would be incorrect :/ xx

[des8]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

I suppose your signature is legible and bears no relationship to the name on the application!..(.mine looks nothing like my name!!:tinysmile_grin_t

Quote:"it appears another zero has been added to my income which certainly would match up with the proof of income "
Should that be "it appears another zero has been added to my income which certainly would NOT match up with the proof of income "

The underwriter appears not to have even read the application and on the basis of that I would say that they have not followed due diligence
and due to their negligence they are at least partly responsible for the misselling.

Self certificated mortgages often paid higher commission to introducers, and hence were popular with certain brokers. This might also be a basis for a mis-selling claim.

[redrose281]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

I suppose your signature is legible and bears no relationship to the name on the application!..(.mine looks nothing like my name!!:tinysmile_grin_t

Quote:"it appears another zero has been added to my income which certainly would match up with the proof of income "
Should that be "it appears another zero has been added to my income which certainly would NOT match up with the proof of income "

The underwriter appears not to have even read the application and on the basis of that I would say that they have not followed due diligence
and due to their negligence they are at least partly responsible for the misselling.

Self certificated mortgages often paid higher commission to introducers, and hence were popular with certain brokers. This might also be a basis for a mis-selling claim.

Hi Des8,

I`m so sorry for all the typo`s, I was on my tablet and had put hand cream on and seem to have missed a lot of letters out :/

Yes, my signature is very legible...quite boring really lol, just straight forward lol.

Thank you for your comments...the fee paid to the broker was £5000, which I`m guessing is quite high?

Thank you xx


Yes, it should be "it appears another zero has been added to my income which certainly would NOT match up with the proof of income " , sorry.

[redrose281]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

The Mortgage Company are now saying my complaint is time barred, ( it was sold to me in November 2002), but I am sure I saw somewhere that it is 6 years from when the situation arose, or 3 years from when it was discovered? I only recently discovered that how I was sold my Mortgage had been sold to me possibly fell under the banner of `Mis-sold Mortgages`, and was only last week when I discovered that all of the paperwork has the wrong surname on it, i.e not mine...meaning they couldn`t possibly have made all of the required checks?
Please can anyone advise me?

Many thanks in advance xx

[des8]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

I believe your understanding is correct.
The lender may be referring to the time limit for Mortgage Endowment policies (but in which case you should have been sent a high risk warning letter
about the endowment policy not performing well enough to cover the mortgage).

[redrose281]

Re: Mis-sold Mortgage - Broker sold me the mortgage...

Thank you once again Des8 for your reply...you really are a star! :-)

xx