With years of experience in financial solutions, we're perfectly positioned to analyse your situation and provide the best, impartial advice. We offer a free, no obligation consultation and will talk you through everything in detail – avoiding unnecessary jargon – helping you understand your right to claim.
You're certainly not alone; thousands across the UK are now looking into mortgage mis-selling compensation having been let down by negligent brokers or lenders.
Many have been burdened with an inappropriate or unaffordable mortgage due to, at best – poor advice and at worst, pure greed and contempt shown towards a customer.
Who mis-sold mortgages and why?
Brokers and lenders were flying high before the Credit Crunch in 2007, reveling in an era of low interest rates and easy credit which helped entice customers into new mortgage products. After the recession hit, the bubble burst and as is usually the case, the consumer felt the ripple more than most.
Can you Claim?
If you were sold a mortgage by a broker or lender after 31st October 2004 and you feel like either the lender or broker breached one or more of the regulatory rules which govern the sale of mortgages. (MCOB) You may have course for a complaint or claim for losses you may have incurred to date that may affect the entire term of the mortgage.
Within FCA MCOB regulations and rules it states that brokers and lenders must ensure the mortgage is affordable for you, not only at the start of the mortgage, but throughout the term and even where the mortgage takes you into retirement.
From the FCA mortgage guidelines:
A Mortgage product is likely to be unsuitable if the broker did not establish:
- Affordability for the client over the repayment term.
- It is appropriate to the client’s needs and circumstances.
- It is the most suitable mortgage product available to the broker within the scope of service they provide to the client.
Other potential reasons.
- Re-mortgage for debt consolidation.
- Mortgage switched from High Street To Subprime lending.
It is also stated that the broker cannot recommend the ‘least worst’ product if they do not have access to a product that is appropriate to the client’s needs and circumstances.
If you were advised by a mortgage broker or lender when you applied for your mortgage, they had a responsibility to ensure it was suitable for your needs and take into account your circumstances and any potential changes in those circumstances. If they have failed to do this then your mortgage may have been mis-sold.