Not upheld: Mortgage advice complaints complaint against Choicemortgages UK Limited
Financial Ombudsman decision DRN-3007991 of 2015-09-28T00:00:00+00:00. Mortgage advice complaints complaint against Choicemortgages UK Limited. Outcome: Not upheld.
Decision detail
| Reference | DRN-3007991 |
|---|---|
| Decision date | 2015-09-28T00:00:00+00:00 |
| Firm | Choicemortgages UK Limited |
| Product | Mortgage |
| Claim type | Mortgage advice complaints |
| Outcome | Not upheld |
| Remedy | None - complaint not upheld |
Summary
Mr and Mrs V complained to Choicemortgages UK Limited about advice regarding their mortgage and endowment policies. They claimed they were told not to use endowment surrender proceeds for mortgage repayment and were unaware their mortgage was part interest-only and part repayment. The firm rejected the complaint, noting documentation had been provided over many years showing the mortgage structure and there was no evidence of advice regarding the endowment proceeds. The ombudsman upheld the firm's position, finding clear documentation supported the complainants' knowledge of the mortgage structure and no evidence supported their claim about advice on the endowment proceeds.
The Ombudsman's reasoning
The ombudsman found that Mr and Mrs V had been provided with clear documentation over more than 10 years establishing that their mortgage was part repayment and part interest-only, so they should have known this. Regarding the endowment proceeds, while a meeting occurred to discuss them, there was no evidence the firm told complainants not to use the proceeds for mortgage repayment. The only evidence supporting this claim was the complainants' recollections.
How this compares
| Group | Decisions | Uphold rate |
|---|---|---|
| Choicemortgages UK Limited, all decisions | 3 | 33% |
| Mortgage advice complaints, all decisions | 3,925 | 18% |
| Mortgage, all decisions | 24,740 | 22% |
Source
Read the original decision on the Financial Ombudsman Service website