Reclaim your mis-sold mortgage

What is mis-sold mortgage?

The importance of receiving the right advice before taking a mortgage can never be overemphasised. This therefore explains why the Financial Conduct Authority (FCA) has set out straight rules in a bid to regulate the advice that must be given by mortgage advisers and lenders to those seeking for a mortgage. However, a mis-sold mortgage occurs if you are misled or not given the right advice by your financial advisor, lender or broker, to the extent that you are left with a mortgage you are unable to pay. For instance, your mortgage can be considered mis-sold if the fees and charges were not properly explained to you. Similarly, if your mortgage end date is after your retirement, then it’s a mis-sold mortgage. Well, the good news is that after a mis-sold mortgage, you could still recover the compensation you deserve with the help of a good law specialist.

Reclaim your mis-sold mortgage

How much will it cost me to claim?

If you feel you have been mis-sold a mortgage, you can hire the services of a law firm or an Ombudsman to help you claim your compensations. Many people may initially start worrying about the expenses involved in court cases, but fortunately, most law firms can process mortgage mis-selling claims on a No Win, No Fee basis. In such a case, the law firm will bare all the upfront costs and will only be compensated if the claim is successful.   

Mis-sold mortgage examples

Your mortgage can be considered mis-sold if your financial advisor, lender or broker failed to give you the right advice as stipulated by the Financial Conduct Authority (FCA) about your mortgage.  For example, you may have been advised of the following;

  • To take a mortgage whose end date is after your retirement age date;
  • To switch your lenders, without being oriented about the fees and penalties that are involved
  • To exaggerate or overstate your income, or to borrow money without proving your income (self-certification)
  • To switch mortgage, without being informed about commission payments that would be made to an advisor from the lender
  • Above all, to take out an interest-only mortgage, without any thorough considerations from your advisor on the repayment of capital.

Am I eligible for compensation?

If you have been mis-sold a mortgage, you are likely to experience several problems, including high fees, inappropriate interest rates, negative equity as well as the inability to pay the mortgage. As a matter of fact, a mis-sold mortgage can put you in a serious financial mess, which can in turn affect all other aspects of your life.

Of course, you are eligible for compensations as long as there is enough proof that your mortgage was mis-sold. However, to get your compensation, you must be ready to act fast by gathering all the information. It is also worthy to note that if your claim is successful, your compensation would put you in the same position you would have been in if you had not been mis-sold the mortgage. Want some free help in checking whether you are eligible for compensation? Claim Your Mortgage helps you establish whether your interest only mortgage was mis-sold and whether you are eligible for compensation in 3 simple steps for free!

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