We took out an interest only mortgage which was fixed at over 6.3% and at the time I had read that mortgages, 2.5 years ago, were going to plummet the following year. We discussed this with the advisor who insisted it was unlikely that rates would drop significantly, so we took her advise. We are not financial whizzkids and have to rely on the advice of the advisor who we assume has good knowledge of the market past, present and future. When the time came for renewal the advisor never got in touch as she had done previously . The interest rate reverted to base rate of 5.99%.Our bank asked us if we were interested in renewing the mortgage and so we went to discuss it further. However, the bank advisor pointed out to us that the mortgage has to be paid up in 4 years time! and what did we have in place to pay the mortgage off ??? needless to say we hadn't a clue what she was talking about! the original advisor never discussed this with us whatsoever. Now, husband has been made redundant and we can't renew the mortgage to one of the lower rates. We were definately mis-sold this mortgage based on our ignorance by an advisor who was just out to line her own pockets! Don't know if we can do anything about it though - any advice greatly appreciated