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filrobbo

Mis sold intrest only mortgage

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Hi happy new year,

I am posting for a friend that's not very computer minded,

he has a mortgage that he was advised to take out to consolidate his debts,

he has now received a letter telling him that he needs to find £129,000 for when the mortgage finishes,

he is 65 and there is no way he can get that sort of money,

so they have told him he will have to sell the house or they will repossess the property,

I have told him it could well be mis sold,

but the broker as now shut down,

would we be still be able to make a complaint to the mortgage company,

or is it the response ability of the mortgage broker.

He would be great full for any advise given thank you.

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well, the mortgage provider should have sent him various reminders and usually interest only loans were tied to a financial product that earnt the advisor a fat fee and was supposed to pay off the mortgage. Your friend should start a complaint running via the FCA about the advisors role, even though they have disappeared there may be mileage in it.

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