Can I sue my mortgage broker for bad advice?

I took out my mortgage through a broker who advised me to have a tracker mortgage as interest rates were going to remain constant and there have been five rises since then. Can I sue him for mis-selling me the mortgage when I obviously would have been better to have had a fixed rate?Can I sue my mortgage broker for bad advice?
Your mortgage broker 'recommended' this type of mortgage after assessing income, expenditure etc etc (well he should have).





You signed the paperwork and agreed only after you were aware of risks, interest rates etc (this should have been included in the suitability letter the adviser should have provided you with).





First step to take is to contactyour mortgage broker and talk through this; if he is not able to help or explain reasons (keep in mind you signed the paperwork), then you can contact the FSA (Financial Services Authority) to have your case assessed. This is a lengthy process!





If you dont agree with the FSA's decision and you still believe you were mis-sold this mortgage etc , you can claim with the FOS (Financial Ombudsman Service) and have them assess your claim (another lengthy process).





The above should be in your contract, your mortgage offer / exceptance and follow up paperwork from the mortgage lender.





The mortgage contract recommended should have been in accordance with your income, expenditure etc..but most importantly AFFORDABILITY.





This is what you had signed and agreed upon. The interest rates are obviously set by the Bank of England and not by individuals. Therefore would have been recommended at the time the interest rates were lower as they are TODAY! (Damn them!)





Good Luck!Can I sue my mortgage broker for bad advice?
Probably- you need to seek legal advice.
Nope. The ultimate decision was yours. Sorry.
Probably not because it was only his opinion. You are responsible for the papers you sign. Always better to have a fixed rate unless you plan to flip the house soon. live and learn.
you can't, a mortgage broker is there to give you advice you took it and unfortunately it din't work out for you.
You probably signed some paperwork saying that you fully understood what was explained and what your options were. There was never any guarantee that rates would go up and there obviously would have been potential cirumstances where you would have been better off with a tracker mortgage.





Generally you can only claim for mortgage misselling if it is in relation to an endowment mortgage.





Check out www.fsa.gov.uk/consumerhelp to see if your situation falls into the category of misselling. You may find that you have a case and can therefore take it further.
No, you can't. He gave you his opinion and you took it. It's not a sure thing. Same as if you'd gone for a fixed rate and then the rates drop. You took a gamble and lost. Perhaps you can re-finance at a fixed rate now.
How much are you 'out of pocket'?


The latest interest rates are below.





Thu, 05 Jul 2007 5.75


Thu, 10 May 2007 5.50


Thu, 11 Jan 2007 5.25


Thu, 09 Nov 2006 5.00


Thu, 03 Aug 2006 4.75





Five increases later, you are paying 1% more, depending upon your product. According to this, you only took your mortgage out last year. Can you change products now and look for another mortgage?





You may have a case if you used an independent mortgage advisor (always recommended) and you can prove a commisionable link between your broker and a specific mortgage company (your provider). Very hard to prove and very costly.





Weigh up the pros and cons. If it were me I would just change mortgages! And at the end of the day, he could not have held a gun to your head to make you sign. They have to have codes of conduct and issue you with a document which states - quite clearly - that they can only advise and cannot recommend ANY product. I am looking at one right now.
Its worth a try. But the costs of taking him to court may outweigh any compensation you get (unless you win and get the costs back).
It would be difficult. I think you'd have to prove he did it to gain profits. Also, what if interest rates go back down and start saving you money?





Perhaps if there is a regulatory agency you may be able to file a complaint?