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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 70702
Experience:  Over 5 years in practice
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I was encouraged increase my re-mortgage value by adding in

Customer Question

I was encouraged increase my re-mortgage value by adding in the settlement of two bank loans, which in reality have cost me more money, can I claim against the mortgage adviser or lender for this?
Submitted: 3 years ago.
Category: Law
Expert:  Jo C. replied 3 years ago.
Hi.

Thank you for your question. My name is XXXXX XXXXX I will try to help with this.

What loss have you suffered please?
Customer: replied 3 years ago.

Not quantified as such, but am led to believe that having been encouraged to upscale my mortgage, that this was actually mis-selling, poor advice, with the sole aim of increasing the mortgage advisers commission (based on value of mortgage) and placing me in a situation where the loan-to value ratio was unfavourable, for 6 years, meaning my ability to change lender was compromised until now. Is this a valid claim reason?

Expert:  Jo C. replied 3 years ago.
Thanks

Whether you have a claim with any prospect of success really comes down to whether you can prove that you were misled or given incorrect information when the remortgage was sold to you.

There are companies that specialise in mortgage mis-selling claims and you would be well advised to contact one of those rather than trying to go it alone.

Many remortgages are sold for debt consolidation on the basis of the reduced monthly payment made each month, on its own. The advisers do not always explain that although the monthly payment will be reduced, the actual amount repaid will be much higher because of the length of time that it is repaid over.

To answer your question, yes, I think you do have a potential claim but such claims are never easy. The success or failure of the claim will come down to the level of information given to you by the mortgage adviser and whether you therefore made an informed decision

Can I clarify anything for you?

Jo
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Expert:  Jo C. replied 3 years ago.
Thank you for the positive rating and remember that I am always available to help with your questions. For future information, please start your question with ‘FOR JO C’. You can also bookmark my profile http://www.justanswer.co.uk/law/expert-remus2004/