Mis sold Mortgage Advice and Information for UK consumers.
Many mortgage customers in the United Kingdom have been sold an inappropriate or unaffordable mortgage. What many don’t know is that there is a route to claiming compensation for mis sold mortgage advice.
The Financial Services Authority (FSA) has reviewed the number of consumers seeking mis-sold mortgage advice – it’s come to light that thousands of mortgages have been mis-sold by mortgage brokers, banks and building societies, who were only looking to furnish themselves with high commission fees and interest rather than provide a home loan that’s suitable for their customers.
Have you been the victim of unfair mortgage advice? Complete the form opposite for free independant Mis sold Mortgage Advice »
The UK Financial Press has documented the vast number of complaints the Financial Services Authority (FSA) has been receiving and recently highlighted mortgage mis-selling as a very significant problem. There are many examples of exactly what constitutes a mis-sold home loan; 1. An appropriate assessment should have been carried out to establish if a buyer could afford the monthly mortgage payments. 2. Consumers need mortgage advice on both the good aspects of the product along with the consequences of the interest rates increasing.
Recently a householder who had his home repossessed, made a complaint about mis-sold mortgage advice. His case was referred to the Financial Ombudsman Service and he was eventually awarded £50,000 compensation. This sets a precedent and thousands of similar mortgage mis-selling claims are likely to follow.
There are strict Mortgage Advice regulations and under Section 4.7 of the FSA’s rulebook for mortgage advisers, “Mortgage and Home Finance: Conduct of Business” it states that mortgage advice must be “suitable for that customer” and that advisers “must make and retain a record” of it being suitable.
Breaches of these rules are “actionable at the suit of a private person who suffers loss as a result”, under section 150 of the Financial Services and Markets Act 2000.
Do you feel you have been the victim of mis sold mortgage advice? First of all, complete the quick test opposite – we have extensive expertise in Mis-sold Mortgage Advice claims and are happy to help people who think they have received poor advice – we’ll look at an individual’s case with no upfront costs and on a No Win – No Fee basis.
So whether you’re confident you have received bad mortgage advise or just ‘not sure’ about the advice you received then NOW is the time to act. If it’s clear that you could never realistically afford to pay off your mortgage from the outset then you will have strong case for mis-selling.
