Everything you need to know about overcharged mortgages

Have you taken out a mortgage in the last 25 years? If so, you may be entitled to claim for compensation, as a result of being overcharged for your mortgage.

Since the Financial Conduct Authority released the new mortgage lending rules in 2014, there have been an array of compensation claims made for both overcharged and mis-sold mortgages. Many people have found that they were offered a mortgage that was, in fact, unsuitable for them, and caused them to face financial difficulty.

Here at Mis-sold Mortgage Experts, we acknowledge that many people are unsure about mortgage compensation and whether they are actually eligible to make a claim. Which is why we have set out this informative blog, to help you understand the ins and outs of financial mis-selling, whilst also enabling you to determine whether a claim is worth pursuing.

mortgage claim

How do I know if I have been overcharged on my mortgage?

There are several factors that constitute mortgage overcharging, including anything from facing arrears relating to your mortgage or having excess administration and broker fees added to your mortgage repayment plan. You may have also been mis-sold your mortgage in conjunction with this – as it is likely that your mortgage broker did not inform you about such costs when agreeing to the contract.

It is also likely that you have been overcharged if you have been classified as a ‘mortgage prisoner’. This is an individual who borrows money through a mortgage, and when the time comes to change mortgage providers, they do not pass the affordability check. By failing the check, they are then confined to their original mortgage provider and cannot leave until they are financially capable.

This is especially problematic if you have a large mortgage. Once the low-interest period is over, you will be required to pay the standard variable rate, which can be extremely expensive. In such circumstances, you may have been significantly overcharged.

How Mis-sold Mortgage Experts can help

In order to improve your financial situation, you will require professional assistance from our expert mortgage solicitors, who have the knowledge and expertise to enable you to claim the compensation you deserve.

If you believe you have been overcharged on your mortgage, which could include anything from excessive interest rates or broker fees, we can assess your situation and advise you on whether you have a potentially successful claim.

In order to be validated, your claim needs to meet the conditions of the Financial Ombudsman Service (i.e. made within three years of when you became aware of the miscalculated mortgage). We can then proceed to contact your mortgage provider.  They are then given eight weeks to respond with either a rebuttal or a compensation figure. If you are offered an adequate sum, we will then advise you to accept this amount. If not, the case can be taken to the Financial Ombudsman Service within six months of the initial claim.

mortgage compensation

Contact Mis-sold Mortgage Experts

If you believe you have or are currently being overcharged on your mortgage, then the best solution is to contact us – the experts at mortgage compensation. We provide a claims service that enables our clients to return to their former financial condition before taking out their mortgage and therefore removing the financial difficulty they are currently facing.

If you would like to know more about our financial mis-selling services, you can get in touch today by calling us on 0800 756 3986 or alternatively, you can email us at info@missoldmortgageexpert.co.uk.

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