Mortgage Claim

Mortage Claim Advice

Mortgage advice is given to consumers by advisers who must comply with the statutory principles of Treating Customers Fairly. This aims to help customers fully understand the features, benefits, risks and costs of the financial products they buy.

"A mortgage firm must pay due regard to the interests of its customers and 'treat them fairly"

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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 mortgage;

An appropriate assessment should have been carried out to establish if a buyer could afford the monthly mortgage payments.

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? 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.

Here are just a few examples of why you may have been mis-sold your mortgage

The broker placed the mortgage with a lender that paid him the best commission (this is called a procuration fee) when a more suitable product was available elsewhere and probably at a cheaper rate

Borrowers who are advised to self-certify their incomes, possibly to 'fast track' their mortgage application when they qualify for a (cheaper) full status product

The broker failed to give over an Initial Disclosure Document at the start of the mortgage interview. This details the sort of mortgage advice they can give and whether they can recommend products from all lenders or from just a limited 'panel'

The broker failed to supply a copy of the Key Facts Illustration that must include the financial details of the recommended mortgage so the borrower can make an 'informed choice'. This will include the initial and future (anticipated) interest rates, the current and future (anticipated) repayments, fees charged, early repayment penalties (if any) etc

No available records are available of the sale/advice process The broker has failed to take due care in assessing the borrower's future ability to pay the mortgage after the initial rate expires. This is referred to as 'payment shock'

Self-employed applicants who were advised to take a mortgage term beyond retirement with no 'real' means to repay

Inclusion of State Benefits currently received that might not be guaranteed in the long-term

Omitting some debts when assessing the borrower's ability to pay the mortgage. These are usually unsecured debts i.e. loans, credit cards etc Lack of clear advice on having a repayment plan in place to repay the mortgage at the end of the term. An interest only mortgage will not, by definition, repay the original capital debt, so what is the repayment method?

Coercion into buying a mortgage product that was inappropriate for the borrower's needs

Inappropriately combining other financial products with mortgages in a way that makes them seem compulsory e.g. buildings & contents insurance, Accident Sickness and Unemployment cover or Mortgage Payment Protection Insurance

Not offering products from other lenders when a borrower's true credit rating is established. This is called 'cascading' and should include product offerings from several lenders and not a more expensive one from the original one

Also see: Mis-sold Mortgage Claim and Mortgage Compensation Claim

Can I make a mis-sold mortgage claim?

Yes! You can start your mis-sold mortgage claim by calling our mis-sold mortgage claim line on 0845 519 6823 or you can alternatively complete our online mortgage claim form and one of our advisors will call you back.

We will complete a quick 5 minute review to establish if you have a possible mis-sold mortgage claim, if you have then we will then move onto the next stage a send you a review pack to read and sign so we can start your mis-sold mortgage claim.

We charge a flat fee of £49.00 for you mortgage review this is none refundable and is used to cover our administration cost and we will also keep 10% of any refund that you may receive. Mis-sold mortgage compensation has been capped to £50.000

START YOU MIS-SOLD MORTGAGE CLAIM TODAY, DONT MISS OUT!