Endowment policies
Contents
If you were told to take out an investment designed to pay off your mortgage at the end of the day, did you realize that you would not be paid in full? See the article : I think I’ve been mis-sold my mortgage, what can I do?.
If so, this could be a misnomer. Read our guide to mis-sold gifts if you think this might work for you.
Interest Only Mortgages
If you were just paying that interest on your mortgage every month, then your counselor should have made you know how to pay off your mortgage when it is over. See the article : My in-laws are underwater on their mortgage and their home is in disrepair. Should they just walk away and move in with us?.
If your broker or lender has not discussed this with you or provided you with examples of Capital Payment and Payment financing compared to the low cost of Only One Church loan, then this would be an example of unfair sales.
Also, have you been explained that you would have to switch your mortgage to a replacement mortgage instead of relying on rising house prices? If not, then this can also do wrong-selling.
Use our template letter if you want to complain about sales incorrect interest-only purchase.
Remortgaging to clear your debts
If you’ve been looking for a mortgage, have you been warned that it would be cheaper to spend all your credit, credit cards and money on your mortgage? Read also : I think I’ve been mis-sold my mortgage, what can I do?.
If not, you may be exchanging short-term long-term loans by adding that to your mortgage.
Did your adviser explain that even if you were to reduce your monthly payments in advance, you could still increase your credit terms and significantly increase the amount of interest you are paying?
If not, this could be done as a false sale.
Complain to your provider with our template letter if you are encouraged to pay again to clear your debts.
Top tips
Household budget analysis
Have you been asked to complete a home budget review? Have you ever been asked how much your monthly income was, and what the monthly income was?
Did they work with you to see how much money you had left over each month after paying all your bills?
If this is not done, you may be committing suicide in the knowledge that you cannot afford to buy.
Self Certification mortgages
Have you been asked to provide proof of your income, for example, payslip or audited accounts that could show your income?
If not, have you been encouraged to take the so-called ‘Self Cert’ or ‘Fast Track’ mod, where you do not want to show off your money?
These banking products paid very high commissions and were very popular among other merchants for that reason.
If this applies to you, your mortgage may have been illegally sold.
Mortgages running past retirement
Is your mortgage debt the fastest growing age? Is this intended for you?
Did your broker or lender discuss how you would meet your mortgage when you retire?
A good example of this would be if someone took out a loan out of 20 years at the age of 50.
The average retirement age is 65 years, which means there will be five years left on pay.
If at the time of the agreement, the consultant did not consider whether the customer would be able to pay after the age of 65, then the customer may have been wrongly sold his or her mortgage.
Use our template letter to complain if you think you have been sold incorrectly.
High broker fees
Have you paid the wrong amount of money to a broker or consultant who planned your mortgage?
Were you made to find out what the money would be?
Added to your mortgage without knowing that you are paying money to them every month?
If any of the above applies to you then you may have an issue with the wrong sale and you may want to use our template letter to complain to your provider.
Which? Money Compare
Borrowing a house is hard to do. Which Visit? Cost Compare compare hundreds of models and find the ones with the best brands and the best customers.
Which Ltd is the First Appointed Representative of it? Financial Services Ltd, which is licensed and regulated by the Financial Conduct Authority.
What are they? Mortgage Advisers, Where? Insurance Advisers and What Are They? Money Matching is selling Which names? Financial Services Limited.
