Mortgage advice given on unrecorded line

[Ethel Street]

@Mountaneer before you start court claims let's step back a bit.  You appear to be making this more complicated than it needs to be at this time.

 

It seems from your posts that you are not happy about the mortgage advice you were given by an HSBC employee. You wanted a 5-year term but ended up with a 2-year term. As a result you have been unable to lock in the 5-year term interest rates. Whether they should have recorded their calls is a side issue.

 

Have you made a formal complaint to HSBC about this following the procedure on their website? The non-recording of phone calls can be part of the complaint but is not the key complaint.

 

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Feedback and Complaints | HSBC UK

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Find out how to make a complaint about HSBC UK. Online, in branch, by phone.

 

If you have made a formal complaint how have HSBC responded? If their initial response was not acceptable to you have you asked them to review it?

 

If they have done that and you are still not satisfied then the next step for you should be referring it to the FOS [Financial Ombudsman].  Only after that should you be considering legal action in the courts.

 

So where have you got to with your complaint to HSBC?

 

[Mountaneer]

Hello Ethel & Others, Many Thanks for the reply.

 

Yes, I have complained to HSBC and as expected they did not uphold it.

 

From my own experience and feedback from the public, Trustpilot reviews etc, I think FOS sides with banks and insurance companies. And if the ombudsman gave a judgement in HSBC's favour, then HSBC can use that judgement to bolster their case in court argument. With FOS, I will not be able to argue. FOS are not bound to details as to how they came to a certain decision.

 

So please let me know if my thoughts above are misplaced.

[Ethel Street]

What was HSBC's reason for not upholding your complaint?

[dx100uk]

would nice to see your complaint letter and their reply

read upload one mass PDF only please!!

 

IMHO sorry but up wrong tree barking is coming to mind here.

 

 

[Mountaneer]

I do not have their response letter left, I will have to look up my mailbox. It was a few months back.

 

The complaint was logged over the phone and there was no letter as such from my side in writing.

 

They just said that there is no evidence to prove my point about unrecorded talks.

 

I can re-raise this now that I have the evidence that the talk did take place.

 

But I am sure they will turn it down as they know the ombudsman will favour them eventually. That's why I want to take the matter to court.

[dx100uk]

rather than 'complaining' have you ever actually asked them to switch you to the mortgage you want?

in  writing and why would they not?

[Ethel Street]

11 hours ago, Mountaneer said:

They just said that there is no evidence to prove my point about unrecorded talks.

 

I can re-raise this now that I have the evidence that the talk did take place.

 

If all you complained about was that the phone call wasn't recorded you are complaining about the wrong thing.

 

Your complaint needs to be about the advice you were given and the product you were sold. ie a 2-year term when you wanted a 5-year term.

 

You seem not to have even raised this with HSBC yet so it is far too soon to be starting court action.

[theoldrouge]

Reading between the lines and please correct me if I’m wrong, it seems to me that the basis of your complaint is that you accepted a two year fix on a mortgage of £500,000 at a time when rates were around 2%on the basis of the advice received 
What you really wanted was a 5 year fix
Now of course rates are around 5-6%
so you would like to claim compensation for the difference in interest 
So you are looking at a claim of very approximately around £45,000 (3 years on £500000 at 3%)
if that is the case I would not be going anywhere near a court but would lodge a new written complaint with hsbc and then go to the ombudsman 
But first step would be a SAR to hsbc
 

just my take on a confusing thread

[Mountaneer]

Hello Friends, I am coming back on this.

While the FCA has confirmed to me that HSBC must have to keep records for three years,

I think it can be a bit harder for me to go to court and prove it all out.

I am waiting in the hope that the rates come down reasonably cheaper by end of my 2-year period and I may shun this.

There is this other thing during the advice that happened. The advisor did not give me any advice that he should have.

Please read through this and you can understand the point I am making.

What I request is to help me frame the text so that it has maximum impact.

Mortgage advisor name = Gary

At around 30 minutes into the advice meeting, Gary mentioned that I was close to the 70% ( 71.5% ) tranche and thus could get a better rate.I appreciate that Gary mentioned the 70% target was close but he made no attempt to figure out how much I would need to shell out to get into the 70% tranche and left it for me to work out myself.

Gary neglected his duty of care towards customers at this stage. Gary was well-equipped with all the knowledge and experience and software at his disposal and still made no attempt to work out the numbers and instead just skimmed over quickly at this point.

Gary compromised the interest of the customer. I had told him what my monthly payment towards the principal was so he could have worked out by the end of Nov-2021, how much I would be falling short of for the 70% tranche.

My friends and other advisors looked into this and believe it would be close to about £800.00, which is a paltry amount.

Gary should have worked out this number and proposed it to me. Gary was well-equipped with all the tools and software and still made no attempt to work out these numbers.

Better still, my friends and advisors say that Gary should have suggested that if I move my start date further in the future by a month or two,

I would naturally fall in the 70% tranche and thus reduce the early exit fee to Barclays as well. In fact, since he knew that the rate was going to be locked for six months,

it was possible for me to avoid all of the early termination fees to Barclays and comfortably be in the 70% tranche as well.

I signed the mortgage offer on the basis that the advice given by Gary [edited - HB] was the best in my interest.

Why would I spend an hour and a half with the advisor, if I had the ability and confidence to work out the best mortgage for myself?

[Andyorch]

Topic moved to   Mortgages and Secured Loan forum please continue to post here.

 

Andy

[theoldrouge]

So as advised before a new written complaint to hsbc about the poor advice that you feel that you received and then the fos if they disagree with you 
 

Certainly nothing to get involved in a serious court case about