Endowment policies
Contents
If you were advised to take a planned investment to pay off your mortgage after it was over, did you later realize that you wouldn’t pay yourself? See the article : I think I’ve been mis-sold my mortgage, what can I do?.
If so, this may involve a fundamental misconduct. Read our guide to cheap gift sales if you think this is for you.
Interest Only Mortgages
If you only paid interest on your mortgage each month, the advisor would have had to let you know how to pay off your mortgage after it was over. Read also : 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 lender or lender has not discussed with you or given you examples of the cost of a Mortgage Debt and Payments compared to the lower rates of a Mortgage Interest, then take an example of not selling.
Also, were you explained that you might be able to swap your mortgage into a Mortgage Loan rather than expecting an increase in home prices? Otherwise, it means selling wrong.
Use our sample book if you want to complain about the wrong purchase of an interest -only mortgage
Remortgaging to clear your debts
If you are trying to consolidate your debts, have you been advised that it is cheaper for you to put all your debts, credit cards and your finances in your mortgage? Read also : I think I’ve been mis-sold my mortgage, what can I do?.
Otherwise, you can swap long -term debt into a long -term debt in addition to your mortgage.
Did the advisor explain to you that even though you will be lowering your travel each month, you might extend the term of your loan and increase the amount of interest you will pay?
Otherwise, this could be a false purchase.
Tell your company that we have a sample letter in case you have been forced to repay your money to clear your debts.
Top tips
Household budget analysis
Have you been asked to complete a family budget analysis? You were asked how much income you earn per month, but what are your monthly vacations?
They worked with you on how much money did you have left each month after paying all of your spending income bills?
If this has not been done, you may have become ignorant and over -committed yourself to a mortgage that you cannot afford.
Self Certification mortgages
Have you been asked to provide proof of your income, for example, a paycheck or a certified accountant that can prove your income?
Otherwise, were you forced to take out a so -called ‘Self Cert’ or ‘Fast Track’ mortgage, where you don’t need to prove your income?
These product mortgages pay very high commissions and were very popular with some brokers for that very reason.
If this applies to you, your mortgage may not be sold.
Mortgages running past retirement
Do I have to pay off your mortgage when your retirement age passes? Did this point to you?
Did your lender or lender discuss how to match your mortgage after retirement?
A good example of this is if someone takes out an overseas mortgage for 20 years in the 50’s.
The average retirement age is at 65, which means you will have 5 years left to pay off the mortgage.
If at the time of the agreement, the advisor did not consider whether the buyer could pay after age 65, then the buyer may have mistakenly purchased their mortgage.
Use our testimonial to complain if you think you have been sold the wrong way.
High broker fees
Did you pay high fees to the landlord or advisor who arranged your mortgage?
Were you aware of what the payoff was?
Did they add it to your mortgage without you knowing that you are now paying interest to them every month?
If anything of the above applies to you then there may be a non -sale issue and you may want to use our template service to complain about your service.
Which? Money Compare
Taking out a mortgage is a difficult process. Where to Visit? Money Compare compares hundreds of mortgages and finds them with the best prices and the best customer service.
Which Company is an Appointed Representative of Which? Financial Services Ltd, which is authorized and regulated by the Financial Services Authority.
Which Mortgage Advisor, Where? Insurance Advisor and Where? Currency Comparison of trade names Where? Limited Financial Services.
