Mis- Sold Mortgage

What is a mis sold mortgage?

A mis-sold mortgage or mortgage product means that you were given advice that was not suitable, the risks where not explained to you clearly, or the information provided to you was not sufficient enough to make the right decision at the time.

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.
A significant number have found themselves in desperate situations after following bad advice given by lenders and mortgage advisors; which has resulted in significant financial difficulty, arrears and repossession.

Common ways mortgages and mortgage products have been mis-sold:

1. Interest Only Mortgages
These 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.
2. Mortgage Repayment
Are you currently in a situation where you might be unable to repay your mortgage before you retire, was this not clarified upon assessment?
3. Debt Consolidation
If you were 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.
4. Self-Certification
It is when the adviser doesn’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.
5. Affordability
Where your household budgets as well as your income and expenses assessed to ensure you have enough disposable income to afford it?
6. High Broker Fees
Where you made aware of the broker fees you would be expected to pay?
7. 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 you can relate to any of the points mentioned above please fill in your contact details below and we can perform a FREE Mortgage review for you.

We will contact you as soon as possible