Mortgage Legislation, a claim for a mis sold mortgage & help with transfer of equity
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Description
Experience Level: Intermediate
Mortgage legislation
My ex husband and I were sold an interest only mortgage by a subprime mortgage lender (Future Mortgages, who were takeover by Engage Credit, who were taken over by One Saving Bank) and encouraged to loan a lot more money that we needed for our mortgage . My Husband had adverse credit and we had no vehicle in place to repay the loan. I have attached a copy of the original key facts, a copy of the new mortgage key facts offer, and a copy of the ancillary relief order stating:
I would like an answer on three points please::
1). Do I have a claim for being mis sold an interest only mortgage and can compensation be pursued? My ex husband only took it out because he wanted additional funds, yet we had no way of repaying and I have been stuck with it ever since. I feel this is morally unfair to force me to pay more just because we were wrongly advised in the first place and due to a non compliant ex husband I can not move mortgages.
I also feel I have been misinformed re the transfer of equity (I was told at one stage they could no longer offer the service and I was also told they need Mark's financial information to take his name OFF the mortgage.) Is this correct?
2). I still have the mortgage, and paying double the interest I should be because the mortgage company are making it very difficult grant a transfer of equity. I would like to know why it is so hard to take a persons name off the mortgage when the house has been transferred by a court order into my name? I have been trying for since 2011, when I first solely took on the mortgage and have never missed a payment. I have also paid off the original shortfall incurred by Mark (the ex husband), and made two lump sum of £10,000 and most recently (due inheritance payment ,21/2/2017) a lump sum of £45,000
3) Why do I need to take out another mortgage to just take a name off? Would I be contractually obliged to remain with the lender?
Linda C.
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13 May 2024
United Kingdom
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