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Category: Republic of Ireland Law
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Mortgages!

Customer Question

Mortgages! 'Invested' (albeit foolishly..hindsight) in 2006. At the time I had 4 months left on a fixed term contract, this was noted in my mortgage application on my ppr. for the investment...for some reason i didn't write this in. both applications with same bank and same time... I queried the granting of the loans (march 2013) and asked the bank what their thoughts were on my employment status at the time. They replied in writing that they would not advance finance where employment was in doubt. and enclosed a copy of a letter from my employers in 2005. (this was a statement of my being employed - it did not refer to renewal of contracts etc) [in pers comms with a bank official in 2012..she stated that it would have been viewed as very likely i'd be kept on...government job etc etc..] The stress testing/affordability paperwork...that the bank have pertaining to my loans being granted is at best described as 'basic'. it included very little detail, and is includes and amount of income as 'spousal' . i was never married. (this is possibly projected rental income) and they have just lazily used 'spouse' as the header.. other items along my dealings with the bank have been, being told in 2006, as i signed my contracts and remarked on what would happen cost wise if interest rates went up - i was told - "interest rates won't go up". i was also told in 2011...that i couldn't be helped previously (when i came into the branch for help) because "we didn't know what to do then" {bank manager} I'm trying if I can...to put together a case that I was mis sold my mortgages. i moved from Ulster Bank to another bank to get two mortgages. Legal fees were paid to the value of 1200 by the bank (a sweetner to move) and Ulseter bank would not grant a second mortgage for an investment. I do believe .. I 'may' have a chance, no matter how slim, it's my only chance for a way out and a return to a semblance of real life again, not a life on hold and the ruination of my 30's. Any advice on where to start? A solicitor? The ombudsman? The Bank!!! :) From Lorraine F, a once Happy go Lucky! now a stress-head...getting on with it though! Certavi Vichi is the Family Motto I'm told!

Submitted: 1 year ago.
Category: Republic of Ireland Law
Expert:  wendy-Mod replied 1 year ago.
Hi, I am a moderator for this topic. I've been working hard to find a professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.


Thank you!
Wendy
Customer: replied 1 year ago.

Hi Wendy, i can wait another day or two.


 


if i cancel, can i get a refund? really strapped for cash right now.


 


Kind Regards, Lorraine

Expert:  wendy-Mod replied 1 year ago.
Thank you for your patience, Lorraine. If you cancel your question you can leave your deposit in your account to be credited against future payments or you can ask for a refund. We will continue the search for a professional for you.

Regards,
Wendy
Customer: replied 1 year ago.

Hi Wendy,


 


i'll wait another few days then. Hopefully you'll get an Irish Legal. Is the Barrister 'Ronan' not available..seems like it might be his area of expertise..


 


Thanks Wendy,


 


Kind Regards, Lorraine

Expert:  Buachaill replied 1 year ago.
1. At the outset, any case of "mis-selling" a mortgage has to be based on something definitive and concrete. The law will not absolve you from a bad bargain. Particularly where there is over 10% of the population in negative equity and screaming for a way out. You would have to show some bad behaviour on the part of the bank. Here, your non-declaration that your fixed contract would finish in 4 months is bad behaviour on your part, not on the part of the bank. Allowing you to include some income as spousal should have been pointed out by you to the bank. Again, bad behaviour on your part, not on the bank's part! Unless there is something clear, you are best off not put the tin hat on a bad economic decision by now suing in an action which has no chance, on what you have said, of succeeding. Essentially, if you want to sue, you had better have money to loose, as nothing in the facts you have presented amounts to a successful legal action. In the current economic climate where there are thousands who made a bad property investment decision, the judicial climate is very hostile to any borrower succeeding in a legal action alleging mis-selling. So think clearly before you embark on this course!
Please RATE the Answer positively so that I may get paid
Customer: replied 1 year ago.

Hi there,

 

thanks for the reply.

 

In actual fact i did completely and openly disclose verbally and on the PPR application that my contract was set to expire in 4 months. For some reason, i didn't hand-write it in on the investment application. Both applications went in together to the same official and were assessed in unison.

 

I would be grateful, if it is in your capacity to give me some example of what would be considered definitive and concrete in the remit of ''mis-selling'' vis a vis 'any case of "mis-selling" a mortgage has to be based on something definitive and concrete.'

 

The bank told me (verbally) at the point of signing my contracts, that 'interest rates would not go up'!! Was it bad behaviour of me to believe that...or bad behaviour of them?

 

The bank are the ones who put in SPOUSAL income - not me?? They are saying it was probably Rental income, and they just used an old form and put it against spousal....

 

It's a shame the judiciary take the hostile stance....bad property decisions versus BAD LENDING PRACTICE are not equal. Some joe soap off the street is the sole body held to account...while the so called financial experts remain unaccountable....

 

Screaming for a way out.....more like screaming for a right to live a normal life.

 

Could you clarify 'loose' did you mean money to lose?? I've lost all that!! as well as 7 years of my 30's.

 

Over the last 7 years, i have dealt with several bank officials....and at one point i was told they were unable to 'help' me in the past as 'we didn't know what to do then'. Do they not have a duty of care to their customers to give advice one way or another??? I was told by one bank manager after being visibly upset, to go home and have a cheap bottle of plonk!! I left the bank that day and did not care if a truck coming down the other side of the street took me out.

 

I'm running an uphill battle. would you blame anyone looking for a way out. I am not looking for a way out based on a lame attempt to prove mis-selling. It may have read that way, but i have thought long and hard about it. there is in my view a slim chance. I did advise the bank of my contract status, i did advise the bank of the end date.

 

They were so keen for custom, they paid my solicitors fees to move to them (The Switcher Sweetner) when my former bank turned me down for the loans. (the 1200 euro lodgement was for the solicitor's fees with regard to an equity release on my PPR and the purchase via a new mortgage for the investment).

 

I am inches away from throwing in the towel, but having had a grandfather who survived Gallipoli i don't have the heart to give up just yet and so right now I'll be damned if i bow out that quickly. There has to be some way.......

 

 

Many thanks.

 

 

Expert:  Fran-mod replied 1 year ago.
Hi, I’m a moderator for this topic. It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you right away, but sometimes finding the right professional can take a little longer than expected.


I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you. Thank you!
Customer: replied 1 year ago.

Hi,


 


keep looking thanks.


 


The response to my question was in error to a part, as the professional had not read the first part correctly. (perhaps the way i had stated things were not fully clear)


 


Thanks & Regards.

Expert:  Fran-mod replied 1 year ago.
Thank you for your patience. We will continue the search for a professional for you.

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