Can I sue my mortgage broker for bleak direction?
I took out my mortgage through a broker who advised me to have a tracker mortgage as interest rates be going to remain constant and there have be five rises since then. Can I sue him for mis-selling me the mortgage when I obviously would enjoy been better to have have a fixed rate?
Answers:
Its worth a try. But the costs of taking him to court may outweigh any compensation you get (unless you win and get the costs back).
Probably- you inevitability to seek legal counsel.
Your mortgage broker 'recommended' this type of mortgage after assessing income, expenditure etc etc (well he should have).
You signed the paperwork and agreed only after you were aware of risks, interest rates etc (this should enjoy been included in the suitability message the adviser should have provided you with).
First step to lug is to contactyour mortgage broker and talk through this; if he is not able to aid or explain reasons (keep in mind you signed the paperwork), after you can contact the FSA (Financial Services Authority) to have your case assessed. This is a epic process!
If you dont agree with the FSA's decision and you still believe you be mis-sold this mortgage etc , you can claim with the FOS (Financial Ombudsman Service) and have them assess your claim (another long-drawn-out process).
The above should be in your contract, your mortgage offer / exceptance and follow up paperwork from the mortgage lender.
The mortgage contract recommended should own been in accordance near your income, expenditure etc..but most importantly AFFORDABILITY.
This is what you had signed and agreed upon. The interest rates are obviously set by the Bank of England and not by individuals. Therefore would enjoy been recommended at the time the interest rates were lower as they are TODAY! (Damn them!)
Good Luck! Source(s): Work for an IFA
Probably not because it was only his judgment. You are responsible for the papers you sign. Always better to have a fixed rate unless you plan to flip the house soon. live and learn.
Nope. The ultimate decision be yours. Sorry.
You probably signed some paperwork saying that you fully understood what be explained and what your options were. There be never any guarantee that rates would go up and there visibly would have been potential cirumstances where on earth you would have been better rotten with a tracker mortgage.
Generally you can only claim for mortgage misselling if it is surrounded by relation to an endowment mortgage.
Check out www.fsa.gov.uk/consumerhelp to see if your situation falls into the category of misselling. You may find that you have a case and can as a result take it further.
you can't, a mortgage broker is near to give you advice you took it and fatefully it din't work out for you.
How much are you 'out of pocket'?
The latest interest rates are below.
Thu, 05 Jul 2007 5.75
Thu, 10 May 2007 5.50
Thu, 11 Jan 2007 5.25
Thu, 09 Nov 2006 5.00
Thu, 03 Aug 2006 4.75
Five increases following, you are paying 1% more, depending upon your product. According to this, you only took your mortgage out last year. Can you changeover products now and look for another mortgage?
You may have a luggage if you used an independent mortgage advisor (always recommended) and you can prove a commisionable link between your broker and a specific mortgage company (your provider). Very hard to prove and hugely costly.
Weigh up the pros and cons. If it were me I would just metamorphose mortgages! And at the end of the day, he could not hold held a gun to your head to make you sign. They hold to have codes of conduct and issue you with a document which states - slightly clearly - that they can only advise and cannot recommend ANY product. I am looking at one right in a minute.
No, you can't. He gave you his feelings and you took it. It's not a sure thing. Same as if you'd gone for a fixed rate and then the rates drop. You took a back and lost. Perhaps you can re-finance at a fixed rate now.
It would be difficult. I ponder you'd have to prove he did it to gain profits. Also, what if interest rates go fund down and start saving you money?
Perhaps if there is a regulatory agency you may be capable of file a complaint?
Related Questions:
With unpromising credit, can I refinance my mortgage to the lower rate or will my unpromising credit prevent me from refi?
I have heard conflicting reports on this. Now paying rate: 6.25% Mortgage Rates today: 4.5% Can I acquire the lower rate with bad credit? Yes you can, go to...
Answers:
Its worth a try. But the costs of taking him to court may outweigh any compensation you get (unless you win and get the costs back).
Probably- you inevitability to seek legal counsel.
Your mortgage broker 'recommended' this type of mortgage after assessing income, expenditure etc etc (well he should have).
You signed the paperwork and agreed only after you were aware of risks, interest rates etc (this should enjoy been included in the suitability message the adviser should have provided you with).
First step to lug is to contactyour mortgage broker and talk through this; if he is not able to aid or explain reasons (keep in mind you signed the paperwork), after you can contact the FSA (Financial Services Authority) to have your case assessed. This is a epic process!
If you dont agree with the FSA's decision and you still believe you be mis-sold this mortgage etc , you can claim with the FOS (Financial Ombudsman Service) and have them assess your claim (another long-drawn-out process).
The above should be in your contract, your mortgage offer / exceptance and follow up paperwork from the mortgage lender.
The mortgage contract recommended should own been in accordance near your income, expenditure etc..but most importantly AFFORDABILITY.
This is what you had signed and agreed upon. The interest rates are obviously set by the Bank of England and not by individuals. Therefore would enjoy been recommended at the time the interest rates were lower as they are TODAY! (Damn them!)
Good Luck! Source(s): Work for an IFA
Probably not because it was only his judgment. You are responsible for the papers you sign. Always better to have a fixed rate unless you plan to flip the house soon. live and learn.
Nope. The ultimate decision be yours. Sorry.
You probably signed some paperwork saying that you fully understood what be explained and what your options were. There be never any guarantee that rates would go up and there visibly would have been potential cirumstances where on earth you would have been better rotten with a tracker mortgage.
Generally you can only claim for mortgage misselling if it is surrounded by relation to an endowment mortgage.
Check out www.fsa.gov.uk/consumerhelp to see if your situation falls into the category of misselling. You may find that you have a case and can as a result take it further.
you can't, a mortgage broker is near to give you advice you took it and fatefully it din't work out for you.
How much are you 'out of pocket'?
The latest interest rates are below.
Thu, 05 Jul 2007 5.75
Thu, 10 May 2007 5.50
Thu, 11 Jan 2007 5.25
Thu, 09 Nov 2006 5.00
Thu, 03 Aug 2006 4.75
Five increases following, you are paying 1% more, depending upon your product. According to this, you only took your mortgage out last year. Can you changeover products now and look for another mortgage?
You may have a luggage if you used an independent mortgage advisor (always recommended) and you can prove a commisionable link between your broker and a specific mortgage company (your provider). Very hard to prove and hugely costly.
Weigh up the pros and cons. If it were me I would just metamorphose mortgages! And at the end of the day, he could not hold held a gun to your head to make you sign. They hold to have codes of conduct and issue you with a document which states - slightly clearly - that they can only advise and cannot recommend ANY product. I am looking at one right in a minute.
No, you can't. He gave you his feelings and you took it. It's not a sure thing. Same as if you'd gone for a fixed rate and then the rates drop. You took a back and lost. Perhaps you can re-finance at a fixed rate now.
It would be difficult. I ponder you'd have to prove he did it to gain profits. Also, what if interest rates go fund down and start saving you money?
Perhaps if there is a regulatory agency you may be capable of file a complaint?
Related Questions:
With unpromising credit, can I refinance my mortgage to the lower rate or will my unpromising credit prevent me from refi?
I have heard conflicting reports on this. Now paying rate: 6.25% Mortgage Rates today: 4.5% Can I acquire the lower rate with bad credit? Yes you can, go to...