Do You Have A Missold Mortgage?
Mortgages come in many shapes and sizes and the terms, repayment schedules and the interest paid depends upon many deciding factors. Are you a victim of Mortgage Mis-selling?
Signing up to a mortgage is no doubt one the biggest financial commitments a person can make. It was therefore essential the advice you were given was correct and the mortgage provided was the right one for your own individual circumstances.
In some instances, the advice given was not adequate and the mortgage given could have been missold!
In some instances, mortgage brokers have advised a borrower to take out a sub-prime mortgage even though the borrower had good credit. This is a mis-sell!
Sometimes mortgages have been sold with a debt consolidation package. Done so without the applicant being made fully aware of the complicated terms.
In other instances the mortgage could have been an interest only, a self-cert mortgage or a right to buy mortgage and the full terms of each product may not have been explained clearly.
How Do I know if I have a claim against my lender or broker?
In an attempt to reduce missold mortgages being common place, on 31st October 2004 The Financial Services Authority created strict rules for selling of regulated mortgages. This was called Mortgage Conduct of Business.
With brokers and banks being driven by greed and a thirst for high commissions, then many thousands of people flocked towards the offers such as credit cards, loans and mortgages.
These products were introduced to clients mainly through mortgage brokers who would often be sold products and agreements that paid the broker the most commission.
These brokerage charges were often added to the loan and the brokers and licensed mortgage brokers that sold these products on behalf of the banks made fortunes.
They took no notice of The Mortgage Conduct of Business and kept selling. Therefore if the rules were not followed when your mortgage was sold to you after 31st October 2004, you may be eligible to apply for compensation if the specialist lawyers can prove that the rules were broken.
Reasons Why Mortgage Mis-selling Has Occurred
Frequently Asked Questions
Here’s a list of FAQ’s which we get asked often. If the answer to your question is not listed, please feel free to get in touch at email@example.com
The solicitor allocated to your claim will advise you on the best way to proceed with your case and you must be prepared to attend court if necessary, although it should be noted the majority of cases are more likely to settle before any trial.
Of course you can. You are free to pursue this claim yourself and can do so by contacting your mortgage broker. There are several sites online that assist you to manage this process yourself. You may also wish to consider visiting the Financial Ombudsman Service website.
We will initially only ask you some basic questions to validate your case.
This means we won’t waste your time or ours if you haven’t got a claim.
When we believe you have a valid claim, we’ll send you a summary report of the reasons a mortgage mis-sale could have taken place, and a letter for you to sign which authorises our specialist panel of advisors and solicitors to investigate the matter on your behalf who specialise in mis-sold mortgage cases.
They will progress your claim and seek to get you the compensation you deserve.
Your mortgage provider has a duty of care to treat you fairly as per the Banking Code of Practice.
There are no grounds for them to ask for the mortgage to be repaid or to change your payments.
That fortunately doesn’t affect any potential claim.
In some instances, we have found that people are still able to claim, despite the following circumstances.
- The property was repossessed as the borrower couldn’t afford the mortgage payments from the beginning.
- The borrower had to sell the property for the same reason and downsize or rent.
- The borrower invested in a property abroad which was overvalued or never got built and raised money on your residential home to do so upon the advice of the sales agent or mortgage broker involved.
If any of these circumstances sounds like yours, it’s highly likely you have a valid claim.
If the company or adviser who sold you the mortgage has stopped trading, had their licence withdrawn or gone out of business, it may still be possible to make a claim against the Financial Services Compensation Scheme.
Your ability to claim will not be affected. Each claimant of a joint account may be entitled to compensation.
Claims are expected to take 12-14 months to conclusion.
You are free to use which any solicitor you prefer and are not obligated to proceed with one of the panel of Solicitors recommended.
If you do choose to proceed with a our chosen solicitor, we guarantee that your case will be handled on a No Win, No Fee* basis.
For the avoidance of doubt, ff you do not receive compensation, you will not pay a penny.
*The panel solicitors operate a No Win No Fee service provided that you do not cancel the claim outside of the cooling off period. It is important you realise that charges will apply if you cancel your claim after the cooling off period.
You will receive a minimum of 58% of the award. The maximum charge any of our solicitors make is 35% plus VAT.
For example, if you are awarded £50,000 you will receive a minimum of £29,000.
We don’t expect you to provide to us the documentation from your mortgage arrangement.
As long as you can tell us who provides your mortgage and the date it was instated we should be able to validate your claim or inform you otherwise.
We will ask a few other questions to gather the circumstances of the sale but it’s unlikely you will need to check paperwork to answer these simple questions.
Your claim will not be registered with any credit referencing agency.
You will be able to remortgage or apply for a new mortgage just as you can now. Your current lender could even offer you a better deal moving forward.