I know its a long time ago but I have not previously made an attempt to claim compensation as my complaint doesn't fall into any of the normal categories.
In 1998 we were sold a Pension Mortgage by Allied Dunbar. We were re-mortgaging to raise some money for my husbands business. At the time we knew nothing abut mortgages and were only concerned about the size of the monthly repayment.The product we ended up agreeing to was a 5 year deferred interest pension mortgage, the interest rates at the time were 13%. Even then I remember querying the sanity of this with the financial advisor. After about 3 or 4 years the repayments were too high and we reverted to a normal repayment mortgage. I believe we have a complaint because my husband already had a private pension in place. It was bad advice as the pension as we know now would not have covered the mortgate, and the deferred payments meant our mortgate had a huge lump sum added at the end of the 5 year fixed period.
Any advice would be appreciated
In 1998 we were sold a Pension Mortgage by Allied Dunbar. We were re-mortgaging to raise some money for my husbands business. At the time we knew nothing abut mortgages and were only concerned about the size of the monthly repayment.The product we ended up agreeing to was a 5 year deferred interest pension mortgage, the interest rates at the time were 13%. Even then I remember querying the sanity of this with the financial advisor. After about 3 or 4 years the repayments were too high and we reverted to a normal repayment mortgage. I believe we have a complaint because my husband already had a private pension in place. It was bad advice as the pension as we know now would not have covered the mortgate, and the deferred payments meant our mortgate had a huge lump sum added at the end of the 5 year fixed period.
Any advice would be appreciated
