Compensation For Mis-Sold Mortgage Claims In The UK
Lenders and mortgage advisors are required to provide proper advice during the selling process so that you can make an informed decision. Unfortunately, both of these parties regularly fail when it comes to executing their mandate, which is why the Financial Conduct Authority (FCA) intervened and started regulating mortgage advice since October 2004.
The FCA had to intervene since lenders and mortgage advisors were often guilty of mortgage mis-selling. The result of this was that individuals were left with mortgages that they were simply unable to afford to pay. If you have been mis-sold a mortgage or mortgage-related product, you can count on Angelus Law to help you secure compensation for any losses you might have incurred.
What Are Mis-Sold Mortgage Claims?
It might come as a surprise to learn that lenders and mortgage advisors can give the wrong advice, but the reality is that there’s a lot of evidence showing that many people have not received the most suitable advice regarding their mortgages.
A mis-sold mortgage claim is an application for compensation for the wrong advice given to you by a mortgage advisor or lender that led you to choose a mortgage or mortgage product that wasn’t right for your financial situation.
Mis-Sold Mortgage Claims
Mortgage brokers, advisors, and lenders have been breaking the rules as outlined by the FCA when it comes to mortgage advice and been lending money to vulnerable people that we're unable to service their debt. Ever since the actions of these parties have come to light, victims have been turning to solicitors such as Angelus Law to file their mis-sold mortgage claims.
Who Can Claim?
Mortgages and mortgage products have been mis-sold in a variety of different ways giving rise to mis-sold mortgage claims.
Here are some of the most common ways in which mortgages and mortgage products have been mis-sold:
Interest Only Mortgages : Interest-only mortgages might seem like a cheaper option in the short-term, but you are likely to find yourself paying considerably more in the long-run. The mortgage broker, advisor, or lender should have explained this to you. If they didn’t you might have justification for filing a mis-sold mortgage claim.
Mortgage Repayment : Are you currently in a situation where you might be unable to repay your mortgage before you retire? Your mortgage advisor, broker, or lender should have informed you whether your mortgage would run past your possible retirement age. They should have discussed your options for keeping up with the payments after retirement.
Debt Consolidation : If your mortgage advisor, broker, or lender advised you to move all your loans, credit cards, etc onto your mortgage but failed to inform you that while your monthly payments would initially be lower, you would be extending the term of your debt thus increasing the interest, this is a form of mis-selling and you can file a mis-sold mortgage claim.
Self-Certification : Your mortgage advisor, broker, or lender may have encouraged you to take out a self-certification mortgage. It is where they don’t require you to provide evidence of income. Such mortgages are often sold to people since they pay higher commissions. They don’t necessarily offer you the best deal since they don’t often consider your income and what you can afford.
Affordability : Did the mortgage advisor, broker, or lender assess your household budget as well as your income and expenses thus working out your disposable income? They should have done so. If not, then you could have been mis-sold a product that you could not afford.
High Broker Fees : Did the mortgage advisor make you aware of the broker fees you would be expected to pay? By signing you up to or helping you switch mortgage providers, your advisor takes a percentage as commission. You would either be required to pay this fee upfront or it may be included in your monthly repayment plan without your knowledge. Unfortunately, you could find yourself paying the additional interest due to the extra fees.
Right to Buy Mortgages : Under the ‘Right to Buy’ scheme, you might be unaware of the fact that your mortgage payment would be much higher than your rent, that you would be responsible for the maintenance costs, and that you would lose your Housing Benefit. If the mortgage advisor, broker, or lender did not make this fact clear to you, you might have a valid mis-sold mortgage claim.
How Can You Help Me?
If any of the situations above apply to you, don’t hesitate to get in touch with Angelus Law today. We are a team of approachable solicitors and can give you proper guidance and advice on how to seek redress.
If you choose Angelus Law, you can be sure of the following:
No Lengthy Paperwork to Complete
No Win No Fee Terms
Claims Settled Quickly
To start the reclaiming process today, you can complete the contact form provided and we will be in touch or you can request a no-obligation free call back from our compensation solicitor by calling 0151 329 3660.