Hello

I hope I am posting in the right place.

I took out an interest only mortgage in 2007 for 17 years,

it has 6 years to go and I have hardly paid anything off the balance

I am unlikely to be able to pay this off when the mortgage completes in 2024.

I recently saw an ad for compensation claims for mis sold interest only mortgages, the broker that sold me this mortgage never asked for proof of earnings (I am self employed) he said there was no need as I could self certify.

I think I was mis sold this mortgage and wondered if anyone had made any such claim for compensation, or used a claims company.

Any advice would be appreciated.

Thank you

Hi, Is there a reason why you went for a self-certification mortgage, nucky?

And do you have the paperwork from when you took it out? I would have thought that in 2007 the broker would have needed to spell out the pros and cons of self-certifying and interest only mortgages.

HB

May be of interest to you...read the link in post#11.

https://www.consumeractiongroup.co.uk/forum/showthread.php?485739-25-year-mortgage-about-to-end-advice-needed!(1-Viewing)-nbsp

Thread title updated

Regards

Andy

Yes I was self employed and could not produce audited accounts, the broker I uses suggested I use a self certification mortgage. I do have all the paperwork and I have recently obtained everything from the mortgage company by way of an SAR, including the original application form and agreement.

Why do you think the broker missold the mortgage to you please?

And does the paperwork give you reasons for their recommendations and any pitfalls in taking out the loan?

HB

so waht is your plan B? you have 6 years to start either paying off the capital and then remortgage or you seek advice about a new repaymant mortgage now. bemoaning your fate of the last 17 yersr wont help, you knew that you have to pay off the capital at some point so eve if you were missold a particular product you wont get compansation that will make even a scratch to the mortgage. yu are essentially damned by your own words as you cant sus someone who you enter into a criminal compact with.

Going to an ambulance chaser will cost you more money and delay the inevitable