This is long, and a bit boring so apologies in advance. I will try to be quick and concise!
DH and I took out an ISA in 2014 that was a 'save to buy' ... promising a 95% mortgage on successful application after 3 months of paying Min £50 per month in. We explained our position at length to the advisor, we already had a mortgage on our current property, and had no plans to sell. We wanted a fixer upper as a 2nd property and would eventually move into 2nd property, renting out our flat. All fine, ISA set up.
FF to now. A property comes on the market that is absolutely everything we want. Location, price range, no of bedrooms, parking etc etc. I immediately book a viewing with EA and an appontment with bank for decision in principal... again explain our plans and outlining the terms of the ISA mortgage deal as it is now considered an old product - was only available to apply for 6 months.
Estate agent emails me the next day advising that the vendor will be taking best offer one hour after our planned viewing time... and I need decision in principal sorted to be considered a serious applicant. I call bank and reconfirm my details, and our plans twice with two different operators who confirm that all would be well and get put through to mortgage applications department who will orchestrate this now for us - all good and happy. I am then advised that, after consideration and looking over the ISA deal details, we would never have been offered a 95% mortgage on a second property and the best they can do it an 85% mortgage.
This was last week, and I was actually breaking down on the phone to the poor advisor, who actually handled herself and me brilliantly in that situation. She confirmed that we had been incorrectly advised twice (calls recorded) and that she would record the complaint so a manager would get back to me.
I have just taken a call from the manager of the bank who confirms that there are no firm stipulations wrt the 2nd mortgage, and that there are a lot of grey areas here. He asked me what I wanted to come from this and my answers were 1) for staff to have better training and knowledge on the products they were both selling and advising on and 2) for some form of compensation from them for missing selling us a product. He agreed that we had been miss sold the ISA and the terms were not clear, and is going to come back to us tomorrow on a figure.
So. I think we are entitled to something, as we put our faith in the ISA options for 2 years, had our dreams lined up and ready - then whipped out from underneath us. I would be interested in others opinions and advice on how to handle this though.
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AIBU?
WIBU to ask for compensation? Advice please?
23 replies
Chebs · 01/08/2016 17:12
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