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Is there such a thing as a mortgage ombudsman?

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen

Before you all start screaming 'it's a swingers site' I know and I do have my own solicitor!

But as some of you may know I have had issues with a building development for the last year, and whilst we are nearing the point of the repairs being started, it has brought up a few questions about part of the claim.

We do have a clause about 'loss of value' but there are a few questions about what this means ie are the properties still mortgageable? Would we be able to sale and would the new buyer be able to get full buildings cover? This where my question comes into play, is there one main place I can go to and get some advise or do some research?

The reason I need to do this, is one owner has already been advised that her buildings insurance company will only take on cover for subsidence after 2 years of completion and monitoring of the works, so will therefore hinder her for selling for at least that period of time but who know what other problems we may encounter and the losses we may incur?

Thanks for any suggestions in advance

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By *rightonsteveMan
over a year ago

Brighton - even Hove!

I am hoping a swinging solicitor will pm you some advice as I don’t have any. I hope it all gets sorted out. It’s been going on a long time.

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound

It may be different in Scotland as you are covered by different regulations and law but the Financial Ombudsman service covers mortgages, I believe.

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen


"I am hoping a swinging solicitor will pm you some advice as I don’t have any. I hope it all gets sorted out. It’s been going on a long time. "

You're telling me, and to say I have had my stressful moments with it all, is a slight understatement

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen


"It may be different in Scotland as you are covered by different regulations and law but the Financial Ombudsman service covers mortgages, I believe.

"

I did wonder if it would fall under them, or if there was a specialised sector

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By *rightonsteveMan
over a year ago

Brighton - even Hove!


"I am hoping a swinging solicitor will pm you some advice as I don’t have any. I hope it all gets sorted out. It’s been going on a long time.

You're telling me, and to say I have had my stressful moments with it all, is a slight understatement "
I can imagine

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By (user no longer on site)
over a year ago

I believe it’s the financial ombudsman who deals with mortgage as well as other financial matters

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen

Has anyone had experience with the Finance Ombudsman? How quick are they to act on any queries? Or do they purely just deal with complaints?

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"Has anyone had experience with the Finance Ombudsman? How quick are they to act on any queries? Or do they purely just deal with complaints? "

I think they'll tell you quite quickly if your issue is something they can deal with. It may not be, but at least you'll know.

Your solicitor should know what Scottish law and regulations are covered by particular oversight bodies.

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen


"Has anyone had experience with the Finance Ombudsman? How quick are they to act on any queries? Or do they purely just deal with complaints?

I think they'll tell you quite quickly if your issue is something they can deal with. It may not be, but at least you'll know.

Your solicitor should know what Scottish law and regulations are covered by particular oversight bodies.

"

I know, but it has been a very slow process so far that I feel I need to try and gather facts before things get out of hand or drag on even another year or more, the longer things drag on the more questions need answered and everything is so ambiguous

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By (user no longer on site)
over a year ago

Awww, come down here and have a little stress free holiday. Just me and the hedgehogs

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By *icketysplitsWoman
over a year ago

Way over Yonder, that's where I'm bound


"Has anyone had experience with the Finance Ombudsman? How quick are they to act on any queries? Or do they purely just deal with complaints?

I think they'll tell you quite quickly if your issue is something they can deal with. It may not be, but at least you'll know.

Your solicitor should know what Scottish law and regulations are covered by particular oversight bodies.

I know, but it has been a very slow process so far that I feel I need to try and gather facts before things get out of hand or drag on even another year or more, the longer things drag on the more questions need answered and everything is so ambiguous "

I've read your previous threads and have every sympathy. However, Scottish law differs from the law in England and Wales in some significant areas, house buying being one of them.

The insurance issue raised in the OP could happen here in England and I know sales to have failed because of such issues. There is no protection for that. Some buyers might be willing to take the risk, others won't. Values go up and down for a variety of reasons so you can't protect the potential value of your property at an unknown date of sale.

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen


"Awww, come down here and have a little stress free holiday. Just me and the hedgehogs "

Don't tempt me, I may just take you up on it, somewhere where I can bury my head for a while would be bliss

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen


"Has anyone had experience with the Finance Ombudsman? How quick are they to act on any queries? Or do they purely just deal with complaints?

I think they'll tell you quite quickly if your issue is something they can deal with. It may not be, but at least you'll know.

Your solicitor should know what Scottish law and regulations are covered by particular oversight bodies.

I know, but it has been a very slow process so far that I feel I need to try and gather facts before things get out of hand or drag on even another year or more, the longer things drag on the more questions need answered and everything is so ambiguous

I've read your previous threads and have every sympathy. However, Scottish law differs from the law in England and Wales in some significant areas, house buying being one of them.

The insurance issue raised in the OP could happen here in England and I know sales to have failed because of such issues. There is no protection for that. Some buyers might be willing to take the risk, others won't. Values go up and down for a variety of reasons so you can't protect the potential value of your property at an unknown date of sale.

"

Exactly, and why I need to know what I will be suing for, we all offered to be bought out before it even all started, but the parent company refused however, they didn't keep up to their promises.

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By *oxy_minx OP   Woman
over a year ago

Scotland - Aberdeen

Another query we were wondering and maybe some property developers may have the answer:

When someone/company puts out a development for tender, they obviously detail out the speculation of expectations to say at least 5 x different companies to get a like for like costing, is there any way to find out what those would have been? Is that information public or strictly confidential?

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