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Old 1997 Abbey National cashback Mortgage - was it mis-sold?


stevep
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In the late 1990s (1997ish) we moved house as part of a relocation deal and the timing happened to be that our mortgage application was handled by a broker whilst we were on holiday. We had signed for a 95% mortgage and went on our way.

 

Whilst away we received a message that there was a problem with our application and so we called in.

 

We were told that the valuer from the mortgage company had considered the property over-valued and so declined the mortgage.

 

As a result, the broker had arranged a 'work around' and had gotten us a cashback mortgage which would incur a slightly higher rate of +1% for 5 years.

 

In order to keep the move on track, and being assured that it was the cheapest way to resolve the issue we agreed.

 

Although we were led to believe at the time that the cashback amount would be repayable if we settled our mortgage early, we were also told that the cashback repayment would reduce for each year completed at the higher interest rate.

 

After 3 years we needed to move on and duely agreed a sale.

It was only once all was settled by the solicitor that we found that the entire cashback amount had been claimed by Abbey National.

 

Our solicitor at the time suggested that it was normal and so didnt see any benefit in spending his time at his normal rate investigating further.

 

This still feels very unjust and in the current climate of banks/building societies being held to account for previous unfair actions, i wonder if anyone else on here has experienced anything similar and had any joy in getting redress?

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You would need to go through all of the information on the mortgage file, as well as mortgage terms and conditions.

 

Starting point might be a Data Protection Subject Access Request.

 

I can't see you getting anywhere just sending a complaint letter alleging a miss sell, as you are likely to receive a generic fob off letter. You need to arm yourself with evidence.

We could do with some help from you.

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