[richy27]

dave     sell everything house business the lot  set up a bank account outside the eu  transfer the funds and then live life in the sun     change your name to Lee Dave   job sorted    LOL 

[Carpet Dawg]

Even better idea! get into canoeing!! Remember not to pose for any estate agents photos tho....

Tony

[Helen]

I am not trying to be a scrounger, but since you mortgage still has 6 years to go, it has been missold. See a financial advisor and am 100% sure you wont have to pay a penny more, now you are a pensioner. I know people who its happened to, the did not have to pay last 10 years.

idealrob

explain more please?

[jasonl]

I am not trying to be a scrounger, but since you mortgage still has 6 years to go, it has been missold. See a financial advisor and am 100% sure you wont have to pay a penny more, now you are a pensioner. I know people who its happened to, the did not have to pay last 10 years.

idealrob

explain more please?

If you look on money saving expert . com you will see on the forum that lots of people were sold mortgages that ended after retirement age , this can be seen as mis selling , because one cannot be expected to pay a mortgage whilst not working .
The mortgage term should have been set to end at retirement age  Dave probably has a god case too.  they judge these cases on the regulations now , not at the time of sale  my 
financial adviser insurance salesman is getting pulled on cases he sold 5 years ago.

[Helen]

I am not trying to be a scrounger, but since you mortgage still has 6 years to go, it has been missold. See a financial advisor and am 100% sure you wont have to pay a penny more, now you are a pensioner. I know people who its happened to, the did not have to pay last 10 years.

idealrob

explain more please?

If you look on money saving expert . com you will see on the forum that lots of people were sold mortgages that ended after retirement age , this can be seen as mis selling , because one cannot be expected to pay a mortgage whilst not working .
The mortgage term should have been set to end at retirement age  Dave probably has a god case too.  they judge these cases on the regulations now , not at the time of sale  my 
financial adviser insurance salesman is getting pulled on cases he sold 5 years ago.

Can you give the link please? I am intrigued as to how anyone could sign such an important agreement and not realise that the mortgage would go into retirement :
The written mortgage offer itself which you get now, will state all the terms,
If you don't agree then you have the 7 day cooling off period to say so

[jasonl]

http://forums.moneysavingexpert.com/showthread.php?t=3031076&highlight=mortgage+misselling

The issue is mis selling , not mis buying , the burden is in the seller /adviser to ensure the buyer has the correct product for  their circumstances , the FSA take the view that the experts should push the best thing for the customer. In reality  when I , and probably most other people want a mortgage they only consider the monthly payment and what the house is like .  I took out a mortgage 6 years ago which will end when I am 59  . At the time I did not care about the end date .

[Steve Rothwell]

Also one of the biggest parts of the mis-selling, was where the advisor would tell you that your endowment part would have enough in after 15 years to pay off the mortgage, so not to worry about the last 10 years as you would be mortgage free.

[Dave_Lee]

Some assumptions there in the last few posts.
I was well aware that my mortgage would last for the term that it does. Don't assume that everyones mortgage ends by retirement age because it doesn't. Everyone's circumstances are different and thinking that is being narrow minded imo.
Making a claim for mis sold loans, payment protection policies etc can only be actionable if taken out during the last ten years, since when they have been regulated.
Still don't think it's fair not to get the full personal allowances if carrying on working and earning.
However Tax wise, it works out that I will be paying roughly the same amount as I do now, for the same self employed income plus the amount I will receive in my pensions.
This is because on reaching the age of 65, you are no longer liable for class 2 & 4 National Insurance contributions.
Class 2 has just gone up to £2.50 per week, and class 4 (paid on profits) has gone up from 8% to 9% based on profits
 between £7,225 and £42,475, plus 2% on profits above that.
Dave.

[Helen]

http://forums.moneysavingexpert.com/showthread.php?t=3031076&highlight=mortgage+misselling

The issue is mis selling , not mis buying , the burden is in the seller /adviser to ensure the buyer has the correct product for  their circumstances , the FSA take the view that the experts should push the best thing for the customer. In reality  when I , and probably most other people want a mortgage they only consider the monthly payment and what the house is like .  I took out a mortgage 6 years ago which will end when I am 59  . At the time I did not care about the end date .

Thanks,
This is about an interest only mortgage, which in my opinion  should not be touched with a barge pole for normal house purchase and is more suited to under 40's than older people.  

Quite aware that this is about mis selling, but on such a big commitment as having a mortgage, it is down to the purchaser to ask questions and fully understand the T & C's as much as the seller should advise on them. IMO if anyone signs something they didn't fully understand, then more fool them and they are partly to blame. You didn't worry about the end date when you took yours as sub consciously you knew it would end before retirement
Like carpet cleaning, anyone buying a mortgage on price alone, may not get such a good deal


Dave, If you meant me, sorry I didn't make assumptions as your financial business is your own business and I was talking in generals and not specifics. I am sure that with what you and yours have been through that you check everytjing out to the last detail. I hope that in the next couple of years that fortune really favours you and you can pay off the mortage more quickly than you hoped to and YES I agree it is unfair not to get full personal allowances and more when you get to be a wrinkly

[jasonl]

Sorry if I offended Dave , I think this is a lesson to us younger ones to make provision and plan for retirement , and to beware the tax man !

[Dave_Lee]

http://forums.moneysavingexpert.com/showthread.php?t=3031076&highlight=mortgage+misselling

Dave, If you meant me, sorry I didn't make assumptions as your financial business is your own business and I was talking in generals and not specifics. I am sure that with what you and yours have been through that you check everytjing out to the last detail. I hope that in the next couple of years that fortune really favours you and you can pay off the mortage more quickly than you hoped to and YES I agree it is unfair not to get full personal allowances and more when you get to be a wrinkly

Sorry Helen I misunderstood you and thought you were referring to the mortgage I took out.
Jason, no offence taken at all, it is a discussion at the end of the day and opinions differ.
It's amazing though how a post starts with a statement or question and ends up somewhere else totally.
Dave.

[robert stubbs]

Just finished with our Mobility Business and have seen first hand pensions and property used to keep you in care if you become ill,this can be at any age and these costs can be £400-£500 per week or more, So spend it now.


Regards Rob

[Doctor Carpet (Ret'd)]

Hi Robert

Why have you finished with the mobility business?

Long time no speak.

Rog

[robert stubbs]

Hi Roger,had to scale down, been fighting Cancer for last six months,in remission at moment and working part time. Both Sons help now.

Regards Rob

[Helen]

Sorry Helen I misunderstood you and thought you were referring to the mortgage I took out.

jeez no, that would not be my place too even if you had put details on here, which you hadn't.

The post that mentioned the mis selling and compo etc set me off.
The following is not pointed at anyone in particular.
We live in a compo and blame culture and it hacks me off when on things such as big and inportant as a mortgage going wrong is "someone" elses fault.
Yes there may be some dodgy financial guys around still, but in my opinion the onus is on the person applying for it. I used to be a mortgage advisor and I could see when things weren't quite right, so I would explain, explain and explain again to clients. I would point out the pitfalls of what they wanted and would advise them against certain things. If they really wanted to go ahead with their way of doing it, I would either butt out or get them to sign a disclaimer which set out the pitfalls as explained etc etc.

Any way as I said hope you get yours paid off earlier than you expect then you can tone down the work and enjoy your "wrinkly"years

[Doctor Carpet (Ret'd)]

Rob

Sorry to hear that. you and me could fill a medical encyclopedia between us!!

Glad to hear your in remission. Together we'll beat the world.

Chin up.

Rog

[Doctor Carpet (Ret'd)]

]
We live in a compo and blame culture and it hacks me off when on things such as big and inportant as a mortgage going wrong is "someone" elses fault.
Yes there may be some dodgy financial guys around still, but in my opinion the onus is on the person applying for it. I used to be a mortgage advisor and I could see when things weren't quite right, so I would explain, explain and explain again to clients. I would point out the pitfalls of what they wanted and would advise them against certain things. If they really wanted to go ahead with their way of doing it, I would either butt out or get them to sign a disclaimer which set out the pitfalls as explained etc etc.

Helen

You are so right. I had the same thing when I worked in the financial industry. All some customers were interested in was getting the property they had set their heart on  and would do anything to fit the lender's criteria. They'd take an over-long length of loan, explain that their contribution was from their own resources when at best it was borrowed from family and at worst had been advanced off a credit card or just plain lied. And if you didn't lend them the money they would then just try the next lender down the street. But of course it was never "their" fault when it all came crashing down round their ears.

Rog

[jasonl]

Sorry Helen I misunderstood you and thought you were referring to the mortgage I took out.

jeez no, that would not be my place too even if you had put details on here, which you hadn't.

The post that mentioned the mis selling and compo etc set me off.
The following is not pointed at anyone in particular.
We live in a compo and blame culture and it hacks me off when on things such as big and inportant as a mortgage going wrong is "someone" elses fault.
Yes there may be some dodgy financial guys around still, but in my opinion the onus is on the person applying for it. I used to be a mortgage advisor and I could see when things weren't quite right, so I would explain, explain and explain again to clients. I would point out the pitfalls of what they wanted and would advise them against certain things. If they really wanted to go ahead with their way of doing it, I would either butt out or get them to sign a disclaimer which set out the pitfalls as explained etc etc.

Any way as I said hope you get yours paid off earlier than you expect then you can tone down the work and enjoy your "wrinkly"years

I agree , the onus should be on the borrower , but it is not , most of the responsibility for the right product being chosen is now with the adviser , which of course is wrong.

[Dave_Lee]

The way the markets change and things beyond anyones real control, can have a big effect on life and living.
I was 40 when we took out the mortgage on our home, we could afford the repayments at the time although higher than the rent we had been paying, that was in 1986. After a couple/few years interests rates started to rise (the last time rates went through such a high change) and seemingly in no time our payments had almost doubled, the market collapsed and loads of people in negative equity, we had no choice but to change our mortgage to interest only. The thinking was that when interest rates go down and business picks up we would change back.
However simple things like that don't always work out. Time flies by until circumstances lead to a remortgage which gets us back onto repayment, but with a shorter timescale and hence the six years still to go.
Oh, happy days, or something like that.
Dave.