Birmingham Midshires

[starlitegaize]

Hi all,

 

I took out a mortgage with BM back in 2000 - arranged through a broker. The most important point of the mortgage was that I wanted portability, so I didn't incur huge redemption penalties when I came to move.

 

So, 6 months short of the three years I was "tied" in to the mortgage, due to unemployment, I had to sell the flat - but in the meantime had been offered another job out of London, and wanted to buy a house up there.

 

When I came to let the mortgage company know that I wanted to port the mortgage, they then proceed to tell me I had been missold the product... and I get walloped with the redemption penalties... all £12,000+++ of it.

 

I made a complaint to the FOS, who although they upheld my complaint, did absolutely nothing about it (talk about a waste of an organisation...). Nor did they give me any advice about how I could go about getting my money back. Talk about "being in bed"....

 

Anyway, 9 years on, this site, that money... Any advice would be welcome.

 

Thanks,

 

Starlite

[Tawnyowl]

Year 2000 mortgage taken out.Wanted portability good idea.Just before you sold the house,job offer came so let mortgage company know you wanted to port the mortgage.BM told you you had been missold the mortgage and get walloped with 12k ERC.FOS upholds complaint,does nothing about it.Heard some things on here but this is another sad tale of the mortgage markets and the weakness as it sounds of the FOS.After the decision did you get any legal advice.Just bumping it really to hopefully get one of the wise ones or some legal bod to comment.Hope you get somewhere Tawnyowl

[rickyd]

I think your claim is against the broker here as they had all the facts to hand when recommending the mortgage. Do you know if they're still in business?

 

If they are, I would write alledging mis-selling and mention that the FOS have already ruled in your favour. That should get them reasonably agitated. Although mortgages only came under FSA control in October 2004, if the broker is still trading they will want to keep on the right side of the FSA so a letter to them may be in order too.

 

It seems patently wrong that if you had explicitly requested portability you should not have been sold a product that wasn't portable. I'm not certain that BM can simply ignore this either, but the most direct route is via the broker.