Mortgage Advisor lost his license

[sammysam]

We were sold a 3 mortgages by a financial advisor, 2 were buy to let. (I had been left some cash in my Grandads will for the deposits) We had to go via the advisor as we were non status and had just started a new company. (i know, I know....) The advisor said that this particular company were excellent and gave a reasonable discounted rate.  We were told by him at the end of the period we would be in a strong position to renegotiate on rates and also because he did lots of business with them, he would easily negotiate on our behalf.  We were not allowed to question them prior to signing, all questions we were told had to be submitted via him.

As you can imagine, the period ended and we are now paying 50% more than before. When we went back to him he was no longer trading and had lost his consumer credit license. We have spoke on the phone today to a "counsellor" who said that they were glorified loan sharks.  Their response is that we chose to go via him, so its our fault.  Any suggestions - apart from tough??

[kerrymill]

I totally empathise.We have been backed into taking a crappy through mortgage advisor ourselves.Are you not able to redeem this mortgage now that your rate has changed?

[sammysam]

Nope, there is still a HUGE penalty involved and the market where I live is awful, plus he managed to "do us a favour" and get us a high valuation

[sandras]

No it really is tough - but the solution is get a re-mortgage as quickly as you can.

I bet you are stuck on a libor rate with a fixed high margin, possibly with a company called GMAC? or some other sub-prime lender.  I mention GMAC, because I checked their proc- fees and they paid out thousands to brokers to push their finance packages.

Thank god for regulation, many people have been stung in this way due to adverse credit.

Fight back - you may loose out on the redemption penalty, but it's the price you must pay to move on and not loose your investments.

If you want a good mortgage broker, I can recommend one - get in touch

Best of luck : )

[sammysam]

The company in question have been referred to as "glorified loan sharks" by the "counsellor2 they sent to see us.  we are now selling the other property we bought instead of an endowement to pay off outstanding interest.  we have so many defaults and dbet worries now because of this it has made me cotemplate suicide on several occasions.  The problem is we "technically" earn enough to not have any legal advice for free, although all of our earnings are going on minimal food, bailiffs and bits of mortgage - we are hardley living the high life. Forget citizens advice, our case is just too complicated.  I have spoke to the national debtline and contacted the FSA, put it is like smashing your head against a brick wall.  I really cant see the wood for the trees and so if anyone at all has any advice on where to get face to face help (apart from citizens advice) then  would really apreciate  it.  We live in north Kent.

Sam

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