Mis-Sold Mortgage Claims

A mortgage is one of the biggest financial decisions that you will likely ever make. For most people, this is the only way that they can fund their dream of owning the ideal house. However, it is far from a simple decision to make, and a lot of people easily get swept away with confusion and inexperience in dealing with mortgages. With a vast array of mortgage types and options to choose from, the decision of which mortgage is best for you is often quite bewildering. This is a prime example of why it’s essential that you receive accurate and suitable advice to help you in making the correct choice.

Mortgage brokers and independent financial advisors claim to bring clarity to your situation when seeking a mortgage, but a large proportion of so-called ‘mortgage experts’ have their own agenda. They will attempt to sell you a mortgage product based on the commission rates that they’re paid by banks. This often leads to firms selling you less desirable mortgage products, such as interest-only mortgages, when this might not have been the best solution for you. A mortgage is a serious financial consideration that will set you back enough as it is. If you’ve been mis-sold, then this may leave you in financial ruin and destroy the dream you had of owning the perfect house. This is where mis-sold mortgages claims are extremely important in supporting you to claim back the compensation you deserve, helping you recover from the financial damage caused.

To further expand on what mortgage mis-selling is, there are several examples that we can look at. One of the core examples is if you were to receive advice that did not fully explain the terms you were agreeing to. This can also be the case if the advisor does not explain the fees you will pay or how you will pay their fees, or if they charge you unfair fees. There are certain types of mortgages where mis-selling is most likely, including interest-only mortgages, self-certification mortgages, mortgages past retirement, and endowment policies.

Mis-sold mortgage claims are not going away. Despite the consequences, brokers and advisors continue to mis-sell mortgages to budding homebuyers. Claims are on the rise and the accused are not always as you may presume. In fact, both the Royal Bank of Scotland and NatWest were fined by the Financial Conduct Authority in 2014 for serious failings in their mortgage sales departments. They were forced to pay a whopping sum of £14,474,600 with the FCA ruling that the banks failed to ensure customers received the best advice for them.

The financial damage of proceeding with a mortgage that has been mis-sold can be substantial, but the good news is there are established frameworks in place for you to reclaim lost funds. If you have a reason to believe you were mis-sold mortgage, then arranging an assessment of your situation is the first place to start.