Carys complained that her lender had sold her an interest-only mortgage that didn’t meet her needs.
What happened
Carys took out an interest-only mortgage, but some time later began to think it wasn’t right for her. She thought she’d have been better off with a repayment mortgage.
She contacted her mortgage lender to say she was unhappy with her interest-only mortgage and thought it was unsuitable. She complained that she’d been badly advised and mis-sold.
But the lender said it hadn’t given Carys any advice. She complained and, unhappy with the lender’s response, she brought her complaint to us.
What we said
As part of our investigation, we looked at evidence from both Carys and her lender.
To support its position, the lender sent us a copy of the script they said they’d used during the sale . But it wasn’t relevant to Carys’ type of mortgage. We saw other evidence that suggested Carys was only given details of one mortgage product. This made us think that no other options had been discussed.
Based on the available information, we concluded that the lender had not given Carys financial advice when it provided her with the mortgage. So, we did not uphold Carys’s complaint.