Many thousands of home owners across Britain are now looking into possible mortgage mis-selling compensation due to being let down by negligent brokers or lenders.
If you have been provided with an unaffordable or inappropriate mortgage, after 31st October 2004 and before 2014 where there is little or no chance of you being able to pay your mortgage off at the end of its term, then it is possible you may have valid grounds to claim.
If you feel either the lender or broker breached one or more of the regulatory rules which govern the sale of mortgages (MCOB); you may have cause for a complaint or a claim for any losses you may have incurred to date that may affect the entire term of the mortgage.
Within FCA (MCOB) regulations and rules it states that brokers and lenders must ensure the mortgage is affordable for you, not only at the start of the mortgage, but throughout the term and even where the mortgage takes you into retirement. Many customers after paying years of interest only mortgages found that after their mortgage term had ended, they could not afford to repay the full loan amount, resulting in people losing their homes. This is due to the broker choosing a product which is financially better for themselves and not their clients.
Over the past several years there has been significant changes within the mortgage market, and in the past what may have been viewed as good practice carried out by brokers and lenders has now been seen as not being in the client’s best interest and has caused serious problems for borrowers.
There has been thousands of cases where buyers have been mis-sold their mortgages either by being given information not suitable to them or given a mortgage type that they did not need.
What is a Mis-sold mortgage?
You have beenMis-sold a mortgage if the lender or brokerhas failed to provide proper advice leading to people being left with mortgages they cannot afford to pay. Here are a few examples of mortgage Mis-selling.
You may have been advised by lender or broker to:
Borrow money without proving income, this is known as Self certification.
Take out a mortgage that ended beyond your retirement age and you were not provided information on how to keep up with repayments.
Take out an interest-only mortgage without being told of how to make repayments on the capital.
To switch mortgages but not being told of any commission payments being paid to broker by the lender.
If you were advised by your lender or broker any of these whilst applying for your mortgage then you may have been Mis-sold your mortgage and could be entitled to make a claim for compensation.
Types of mortgages which have been Mis-sold.
Interest Only Mortgage – only paying off the interest, has this replaced a Capital Repayment mortgage?
Debt Consolidation – were credit cards and loans consolidated into a mortgage?
Loan Into Retirement – this may now be unaffordable as you have retired but are yet to pay off your mortgage.
Sub Prime Mortgages
If you have one of the mortgages mentioned then you may be able to make a compensation claim for being Mis-sold your mortgage. Call our team today on 0800 999 7440 and speak to one of our Specialist Advisors.
Can You Make a Claim?
You may be eligible to make a claim for compensation for a Mis-Sold Mortgage you were not given proper advice or given a mortgage which was not necessarily suited to your needs.
To see if you are eligible to make a claim for compensation then give our team a call today. They can offer you a Free No Obligation assessment of your case.
What Is The Process For Making A Claim?
If you have been the victim of mortgage mis-selling and would like to see whether you are able to make a claim for compensation then get in touch with our team and speak to one of our friendly Advisors.
They can offer a free no obligation assessment of your case to see if you are eligible to make a compensation claim. Not all cases are eligible to make a compensation claim but if we believe you are then our Specialist Solicitors will be by your side every step of the way to offer advice and support.
Call us now on 0800 999 7440.
Compensation Mis-Sold Mortgages
The amount of compensation you will receive for your Mis-Sold Mortgage Claim will depend on a number of factors, including:
- The term of the mortgage
- The amount of the mortgage
- The interest rate paid
- The impact the mis-selling had on you
While the amount of compensation varies from case to case, the amounts claimed are generally in excess of £30,000. If you feel you may have been the victim of a Mis-Sold Mortgage contact our advisors today and find out how much your claim could be worth.
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