Here at ClaimExperts.co.uk, our specialist advisors can assist with all claims against the banks and mortgage brokers for missold mortgages.
Unsurprisingly millions of people in the UK have mortgages. And the majority of people are very happy with their rates and terms.
There are however a significant number mortgage owners who are not happy with the way the mortgage was present to them and as such this could signal mortgage mis-selling.
ClaimExperts.co.uk have a specialist team of advisors who may be able to assist mortgage owners seek compensation if it can be proven the mortgage was missold to them which could be for a multitude of reasons.
To discover if there was a mis-sell, ask yourself these questions.
- Were you advised to enter into mortgage endowment policy?
- Did you get an interest only mortgage?
- Were you advised to remortgage to clear all or some of your debts?
- Did the broker or banker ask you to complete a household budget analysis?
- Did you get a self certified mortgage?
- Will you still be paying off your mortgage after retirement age?
- Did you pay a big fee to your broker?
Here are the top five reasons your mortgage could have been missold.
Reason 1 – Self Certify
A self-certify mortgage is also known as a ‘fast track mortgage’. To apply for one of these mortgages you don’t need to provide evidence of your income.
High commissions were paid to brokers hence the reasons why they could have been missold.
Self-certify mortgages don’t offer the best deal as they don’t take into account what you’re actually able to afford.
Reason 2 – Interest Only Mortgages
Often with this type of mortgage your monthly repayments would be significantly lower and this makes it more attractive to consumers. You are left however with a large final payment as the interest is paid each month and not the capital.
Your financial advisor should have made you aware of this and assisted you to plan how you would repay your mortgage at the end of the term.
Reason 3 – Broker Fees
Your mortgage advisor would have been paid commissions for introducing you to your mortgage company. Usually this commission is in the form of a percentage of the loan although this can vary between mortgage providers. Sometimes this fee is included in your mortgage which means you may have been paying additional interest without you knowing about it.
Reason 4 – Repayment of Mortgage
Your mortgage broker should have advised you if your mortgage would run past your likely retirement age and made a plan to repay your mortgage accordingly.
Reason 5 – Remortgaging to Clear Debts
Your mortgage could have been mis-sold if your broker advised you to put all your loans and credits cards onto your mortgage to clear all your debts.
Although in the short term this would have lowered your monthly outgoings, in the longterm you would have more debts to pay off as well as the added interest.
Discover if you have a claim for mortgage mis-selling by completing the quick enquiry form here.