Mortgage claims

[peppaandgeorgearedicks]

Shamelessly posting here for traffic.

Have any of you lovelies used trusted mortgage claims? Or similar? They are telling me they can pursue a no win no fee claim against my mortgage provider. The allegation is that it was mis-sold.
It was interest only with no repayment vehicle sold in 2007. I used the bank's non advised level of service.
They are telling me it won't cost a penny if they don't win, and any fees will be taken out of the claim. They use a solicitor to handle the case.

My dad always tells me if it sounds too good to be true then it usually is... but it don't want to totally dismiss it either.

Any experience here? TIA

[london3445]

^ sorry put the link in wrong! //www.trustedmortgageclaims.co.uk

[london3445]

Someone doesnt like one of these companies, Trust Mortgage Claims. Found this website (www.trustedmortgageclaims.co.uk) so thought i'd post. Doesn't sound they treat people in the best way!

[user1486131602]

Ooh! It if you are in negative equity, that can be taken by the mortgage company to make up the shortfall, meaning you will have to pay the no win, nofee companies charges!

[user1486131602]

No win no fee companies are ok, but be advised if they do win you will lose 25% of whatever the get!

[NoBaggyPants]

Drop them a private message, no point in keeping bumping an old thread.

[Gemzybobz]

Hi @peppaandgeorgearedicks I just wondered if you went ahead with this and whether you got anywhere? We have been contacted by the same company recently

[Gemzybobz]

Hi @peppaandgeorgearedicks I just wondered if you went ahead with this and whether you got anywhere? We have been contacted by the same company recently

[peppaandgeorgearedicks]

@MondayImInLove I'll say it again... I'm just looking into it at this stage
I've not made a decision!!!
If I believe it was mis sold I will probably pursue it on my own.
The bank told me to use the non advised service bc it was quicker and had no fee!!

[MrsReacher1]

And I wish people would take this into account when they are attacking landlords and trying to destroy the rental sector.

Owning a house is not "free money". It is not the same as paying rent. You can't just move to somewhere cheaper when you need to. You can't always sell - it takes ages and costs a fortune. There is risk and responsibility.

[MrsReacher1]

I once did this - huge mistake. I didn't have all the paperwork, they houn't ded me for stuff I couldn't do at a time that I was unwell and when I didn't get back to them with what they needed in their timeframe they invoiced me for wasted solicitors' fees at £400 per hour.

I had signed the contract. It clearly said that if I abandoned the process before completion then they would have the right to charge fees. That seemed fair enough. What I didn't know was that the fact that I couldn't provide them with exactly what they needed when they needed it counted as not fulfilling my side of the contract.

[DexyMidnight]

I don't mean to be rude but you don't sound like a person who is very good with T&Cs, so if you consider going with one of these companies please do read the paperwork and make sure you understand everything fully. Yes, you are older and wiser now but there's really no excuse for buying a house without fully understanding the situation, at any age.

Any no-win no-fee firm is, in my experience (I'm a lawyer), inevitably staffed by less than gifted legal minds. The service is 'free' so your expectations should be suitably low. Be prepared for a lot of incompetence.

[MondayImInLove]

I'm not being greedy or shirking my responsibilities
You are though. You are trying to claim money from someone just because you have nothing to loose.
I wonder how you would feel if someone decided to claim against you for something they recognize if not your fault but as they don’t have anything to loose why not?

[peppaandgeorgearedicks]

We are happy to stay in the property and our combined income is about £70k now so yes it is affordable
We've been saving £500 per month to pay it off so I'm not pinning any hopes on this at all... just curious
Thanks for those links btw x

[BarbaraofSevillle]

The other thing to bear in mind is, that while you've been on an interest only mortgage, you have been paying less money out than you would have done if you'd been on a repayment mortgage, so you will have either saved up money elsewhere, or have spent it on something else, so it's not a case of saying 'my mortgage debt should be much smaller than it is, I need compensating for this' because then you would be asking for money back that you've already had the benefit of (the repayment element, that you haven't been making).

When you took out this mortgage, was your true income declared or did you 'self certify'? Because if you did, you almost certainly signed a form stating your income was higher than it actually was.

Do you still have no equity? Are you happy/able to stay in your current property and convert your mortgage to a repayment one and repay that? Interest rates are lower than they were in 2007, so the cost increase might not be as bad as you fear.

[BarbaraofSevillle]

They told us not to worry about a repayment vehicle because the property value would continue to increase

I would be surprised if that was put in writing anywhere. They may have been economical with the truth and also sold you a mortgage that now looks very unwise to have taken out, but do you really have a claim?

What is your position now? Income multiple, any equity, have you moved onto a repayment mortgage? Can you get a discounted staff mortgage?

I would look at the following independent advice in preference to that given to you by a claims company who only wants money off you.

www.financial-ombudsman.org.uk/publications/technical_notes/interest-only-mortgages.html

www.which.co.uk/consumer-rights/advice/i-think-ive-been-mis-sold-my-mortgage-what-can-i-do#interest-only-mortgages

www.moneysavingexpert.com/news/2018/01/interest-only-mortgage-timebomb-act-now-/

[Mumof1DS]

@helpsausages makes the point extremely well and eloquently.
You weren't missold because you weren't advised. The onus was on you to do your research.

[ohreallyohreallyoh]

There’s a site called ‘resolver’ that belongs to Martin Lewis. I did my point claims through there. It took minutes and was successful on all accounts I thought it would be. Try there as a starting point.

[peppaandgeorgearedicks]

🙄 @helpsausages I will never feel sorry for the banks. Ever.
I'm not saying I will claim
I'm not being greedy or shirking my responsibilities
I came on here to ask for opinions.. that's it.
And for what it's worth I'm a bank employee. A minion on the customer facing front line.
I have some insight into the shady practices that were employed in the mid 2000's so see both sides of the coin

[Pinkprincess1978]

Totally agree with helpsausages.

You chose to use an advise free service. In your 20's you were not 'just kids' you were an adult.

In 2005 we decided to remortgage our house. In the two years we had owned it, it had almost doubled in value so we took about £20,000 extra on the mortgage and fixed the interest for 5 years. A couple of years later the bottom fell out of the market and interest rates dropped. We missed most of the time many were saving from the very low interest rates and when we came to try to sell after the fixed period ended we didn't have enough equity than we needed. We ended up staying for 6 more years than we planned (so 11 years after we first remortgaged) and if we hadn't have part exchanged for a new build we would never have been able to move.

The builder paid us £14,000 more than they resold our property for so we had enough equity for the deposit on our new home. Had we waited and sold for what the builder got we would have only had £12,000 equity which wouldn't have been anywhere near enough to get what we needed.

So do we have a case to complain to the mortgage broker? We took his advise and guidance that A, a 5 year fixed term was a great idea and that B, our house was worth £90,000+ so increasing our mortgage to £70,000 was no big deal.... of course we don't!

We were adults, we made our own choices and we had to live with them. Yes it was hard living in a damp two bedroomed house with two kids of different genders and we worried we wouldn't be able to move before our kids really did need their privacy but that was on us. We made the wrong choices based on the information we had at the time and that was on us and no one else.

[Alwaysadramaaa]

I work in a bank & these companies even ring my office phone to discuss claims. They tell everyone they have a claim. Just like how when u have a car accident u get an influx of calls from no win no fee companies. You didn’t take any advise, there is nothing really to claim against.

[HariboLecter]

If you go on Martin Lewis Money saving expert website, there will probably be guides & templates to submit a claim yourself.

If you did get a payout you would get 100% of it. There is no need to pay a 3rd party to do it.

[LampShadeHeid]

@helpssausages
Well said!

[helpsausages]

Honestly I think anyone who tries to claim money back when they haven't been miss sold anything is a pretty crap person. Think of the bigger picture here, banks and other businesses have made loads of people redundant because they are paying out a fortune for claims because everyone jumps on the band wagon. And it isn't the people at the top who earn the huge bonuses who are impacted it's the people at the bottom in the call centres who are getting near minimum wage who are got rid of. Or they don't get a bonus this year (which is probably only an extra £500 or so normally anyway) because the company didn't make enough of a profit etc. Just because you made some stupid choices and took out a mortgage you can't afford. Why should the 20 year olds who are now working those jobs suffer because of your stupidity?

People are so grabby these days and never willing to step up and accept something is their fault. Why should someone else pay for your mistakes? You know you weren't miss sold anything as they didn't advice you. Yes they lent you a huge amount of money but they did the same for everyone at that time. Do you expect them to pay off everyone's mortgage - seriously! The attitude people are brought up with now is disgusting and greedy. Remember who you are affecting with these choices and the money that is going into your pocket is coming out of someone else's (and it ain't the big people at the top!)

It's no different to all the people who put in false whiplash claims after bumps in their car. They see the £5000 in their bank account and that is all they care about - happily forgetting that insurance premiums for everyone go higher because of this trend!

If someone has been genuinely miss sold something or injured so they can't work they should 100% claim, but people like the op and the pp above who openly admit they weren't miss sold anything are wrong in making these choices. Think of the bigger picture and not just yourself for once!

[PennyMordauntsLadyBrain]

What Pumpkin says - you should be able to do this yourself using the bank’s complaints processes, following up with the ombudsman if necessary.

These companies tend to just use template letters etc to open a case with the bank on your behalf- you don’t need any specialist knowledge to do this yourself.

[pumpkinpie01]

Look at which.co.uk there is a good template letter on there.