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. We can provide specialist advice in relation to the mis-selling of mortgages.
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;
- to take out a mortgage that ended beyond your retirement age date;
- to switch lenders but weren’t told about fees and penalties;
- to switch mortgage but not told about commission payments being paid to an advisor by the lender; or
- to take out an interest-only mortgage without proper consideration being given by your financial advisor to the repayment of capital.
Common problems arising from 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; and
- Inability to pay the mortgage.
Your questions answered
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; or
- Failed to provide you with a recommendation that reflects your personal circumstances.
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 six 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 six-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 us 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.