Mis-sold Mortgages

Hugh James can provide specialist advice in relation to the mis-selling of mortgages.

For most of us our mortgage is the biggest and most important loan that we will ever have. It is therefore vital that you have the right mortgage for you. The Financial Conduct Authority regulates mortgage advisors and lenders and sets out detailed rules about the advice that must be provided in relation to mortgages. However, in many cases financial advisors, lenders and brokers have failed to provide proper advice leading to individuals being left with mortgages they cannot afford to pay.

How do I know if I have been mis-sold a mortgage?

You may have been mis-sold a mortgage product if at the time you took out your mortgage your lender, financial advisor or broker failed to:

  • Properly assess your individual circumstances;
  • Failed to provide you with information about the options available to you;
  • Failed to provide you with a recommendation that reflects your personal circumstances.

Examples of mortgage mis-selling

You may have been advised to borrow money without proving your income (known as self-certification) or were advised to overstate your income.

You may have been advised to take out a mortgage that ended beyond your retirement age date.

You may have been advised to switch lenders but weren’t told about fees and penalties.

You may have been persuaded to switch mortgage but not told about commission payments being paid to an advisor by the lender.

You may have been advised to take out an interest-only mortgage without proper consideration being given by your financial advisor to the repayment of capital.

Common problems arising with mis-sold mortgages

If you were mis-sold a mortgage, you may have experienced some of the following problems:

  • Inappropriate interest rates
  • Negative equity
  • High fees
  • Inability to pay the mortgage

Are there time limits for making a claim?

If you think you have a claim, you need to act quickly as there are statutory deadlines known as limitation periods that apply to mis-selling claims. If your mortgage product was taken out over 6 years ago, then we may be unable to assist you no matter how strong the claim is. A claim may be considered outside of the 6 year deadline if you have persuasive evidence that you only became aware of the potential mis-sale within the last 3 years.

I think I have been mis-sold a mortgage, what should I do?

If you believe you have been mis-sold a mortgage and have lost out financially due to unsuitable advice you may be entitled to compensation.

If you contact Hugh James we will undertake an initial investigation into your claim free of charge on a no-obligation basis. If we proceed with your claim we will then provide you with full advice in relation to funding options including “no win, no fee”. If your claim is unsuccessful it will not cost you anything.

How is compensation calculated?

Compensation in mis-selling cases is intended to put you in the same position that you would have been in had you not been mis-sold a product. In other words, compensation is calculated by comparing the financial position you are in now and the position as it would have been had you not been mis-sold the relevant product.

Contact us today, for free initial advice on your mis-sold financial product claim

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