Hi
I have a question about a secured loan i took out several years ago.
I dont want to give to much info at this stage
however I took out a loan and the maximum I could borrow was 125%,
i actually got given between 145% & 165% LTV depending on the valuations done by the loan company at the time.
The 165% loan was almost 10x the equity I had in my house.
They loan company based my loan on my valuation which was just a stab in the dark.
They accidentally sent some documents to me the other day which showed
they did a valuation on my house which was massively under what I had thought
the value was at the time. I would have never taken on such a huge LTV
if I had known the value of my house was lower than what I thought as I would be in negative equity for ever.
Do I have a case for irresponsible lending or mis sold case?
I have struggled for many years as i could not really afford the loan
anyway but have always paid the lender each month because it was secured on my house.
Anyone have any thoughts...
..and yes there is a degree of stupidity in taking the loan out in the first place but i was desperate.