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Were you mis sold a mortgage?
In 2004 mortgages became regulated by the Financial Services Authority under a strict set of rules called the Mortgage Code of Business (MCOB). This code detailed a strict process for recommending and providing advice.
There have been many breaches of MCOB which have resulted in widespread mis-selling. These include large fines for inadequate record keeping, the sale of self-certification mortgages, in particular to self employed applicants has been recognised as a significant problem.
What constitutes a mis sold mortgage?
Please consider some of the points below as you may have been a victim of financial mis-selling. Any of the following circumstances if incorrectly advised may constitute a mis sold mortgage. Were you;
- Questioned to make sure the adviser knew all the facts about your application
- Provided with a choice of mortgage products
- Recommended a self certification mortgage when employed or self employed
- Told that you only qualified for a sub-prime loan
- Advised the end date went past your retirement age
- Offered Payment Protection Insurance (PPI) on your mortgage
- Advised to apply to a particular lender for speed
Advisers often used loan packagers who carried out credit reference agency checks to advise the brokers on product selection for applicants. This process has also resulted in breaches of the Data Protection Act. Also wrong products were recommended from a limited selection of lenders.
Lenders who may have mis sold mortgages
Accord, Abacus, Advantage, Mortgages PLC, Kensington, GMAC, GE, Platform, Preferred, Rooftop and Future Mortgages are all examples of sub-prime and specialist lenders. Northern Rock, Bristol & West are also lenders who may have been guilty of mis-selling.
Mis-sold mortgages have affected thousands of borrowers in the UK. The Financial Services Authority has expressed concern; it has fined several lenders and brokers for not Treating Customer Fairly. This is not just restricted to Sub-Prime mortgages and self-cert loans, it may also apply to all other types, these include Buy to Let mortgages, Right to Buy mortgages, Purchases and Remortgages.
