Interest Only Mortgages
When taking out an interest only mortgage the advisor should have clarified exactly how the mortgage would be repaid at the end. If they did not, or they did not discuss alternatives such as a Capital and Repayment mortgage and showed a comparison with the Interest Only mortgage, including the lower cost, they would have mis-sold the mortgage.
Did the advisor explain that you may not be able to reply on an increase in house prices? Or that in the future you may have to change to a Repayment mortgage to cover the cost? If not, this could also be a case of mis-selling.
If you want to make a complaint and claim because you were mis-sold your interest-only mortgage, please complete our form.
Remortgaging To Clear Your Debts
Many people look to consolidate their debts. Did your lender advise that adding all your existing debts to your mortgage would be cheaper?
Did they explain that by doing so you may be alleviating your short term debt but be adding to long term debt by increasing your mortgage?
Did the advisor make it clear that although your monthly payment may be lower the term of your mortgage would increase and you would therefore end up paying more interest charges?
If they did not, this could be a case of mis-selling. If you were in this situation and remortgaged to clear your debts, please complete our form to start a claim.
Household Budget Analysis
A household budget analysis should have been completed to avoid the possibility that you overcommitted yourself. Were you asked to complete this? Was there a discussion about your monthly income and expenditure?
Did they sit with you to establish how much disposable income you had each month after your bills had been paid?
If none of this was done they you may well have unknowingly taken out a mortgage that you could not afford.
Self Certification Mortgages
You should have been asked to provide proof of income. This would include being asked for payslips or, if you are self-employed, properly audited accounts. Were you asked for this?
If this was not done it may be that you were offered a ‘Self Certification’ or ‘Fast Track’ mortgage meaning that proof of income were not required.
These types of mortgages gave the sellers higher commission ratings and became very popular, however, if this happened to you it is possible that you were mis-sold your mortgage.
Mortgages Running Past Retirement
If your mortgage will run past the age of retirement was this highlighted by your advisor?
Did the lender or broker discuss how you would be able to meet payments continuing after your retirement date?
For example, if you were aged 50 and you took out a 20 year mortgage, the mortgage continues after the average retirement age of 65, in fact, there would still be 5 years yet to pay,
The advisor should have taken this into account and discussed how you could continue to make those payments. If they did not, then it could be the case that the mortgage was mis-sold.
Were you advised to take out an investment on the basis that when it ended it would pay your mortgage? Did you later discover that this would not be the case? That the final payment would not be enough to pay off the mortgage?
If so, you may have been mis-sold the endowment policy.
High Broker Fees
Were the broker or advisor fees excessively high?
Did they tell you what the fees would be beforehand?
Were fees added to the mortgage repayment without your knowledge leading to you paying monthly interest on them?
If the answer is yes, you may have been mis-sold your mortgage and should consider completing our short form.
What we do.
Our mis-sold mortgage experts will begin by asking you some simple questions to ensure you have a valid claim. Once your claim has been established, your designated specialist will strive to get you the compensation you deserve.