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

🙄 @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

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.

@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.

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-/

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.

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

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?

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.

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.

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.

@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!!

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

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

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

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

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!

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!

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