Your mortgage may have been missold to you for any number of reasons. These are highlighted below.
Click on each one to expand further.
Your mortgage was the wrong type of loan, or something about it was clearly unsuitable for your abilities.
You will simply not have sufficient retirement income to continue to pay the mortgage and this was clear and evident when the loan application was made.
Your mortgage was not affordable and this was clear when the loan was agreed and the terms and conditions made the agreement impossible to fulfil.
You had what is known as a self-certificated loan . This is where you didn’t have to show income to have the loan. You may have provided proof of income like monthly payslips.
Lenders that provided loans regardless of your credit history. Although may have never had bad credit or been refused credit.
Where you have no way to repay the mortgage at the end of its term because you are just paying the interest, and property prices haven’t moved leaving many people in negative equity well into retirement.
These are 2nd charge loans or where you borrow money against the value of your property to repay debts.
You were made to pay unreasonable fees when you were sold your mortgage or you paid substantial penalties when you switched mortgage from one lender to another.
The repayment method that was sold to you is unsuitable for your circumstances. I.E. You didn’t want to take any risk with your home and did not realise that an endowment was linked to International stock market performance.