Background To Mis-sold Mortgage Claims
Lenders and mortgage advisors are required to provide proper advice during the selling process so that you can make an informed decision. However, in many cases, financial advisors, lenders, and brokers have failed to provide proper advice leading to individuals being left with mortgages they cannot afford to pay.
There are a significant number of mortgage owners who are not happy with the way the mortgage was presented to them and as such, this could signal mortgage mis-selling. The result of this was that individuals were left with mortgages that they were simply unable to afford to pay. The Financial Conduct Authority (FCA) had to intervene in 2004 since lenders and mortgage advisors were often guilty of this mortgage mis-selling.
Compensation in mis-selling cases is intended to put you in the same position that you would have been in had you not been mis-sold a product. In other words, compensation is calculated by comparing the financial position you are in now and the position as it would have been had you not been mis-sold the relevant product.
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Was My Mortgage Mis-sold?
A mis-sold mortgage or mortgage product means that you were given advice that was not suitable, the risks weren’t explained to you clearly, or you were not given all the information you needed to make the right decision and you thus ended up taking a product that was not right for you.
There’s a lot of evidence showing that many people have not received the most suitable advice regarding their mortgages. Signs that your mortgage was mis-sold includes:
The mortgage advisor, broker, or lender didn't assess your household budget as well as your income and expenses
Were you advised to remortgage to clear all or some of your debts, but wasn't told that the longer term would increase the total interest paid
The mortgage advisor didn't make you aware of the broker fees you would be expected to pay
You borrowed money without proving your income (known as self-certification) or were advised to overstate your income
Your mortgage ended beyond your retirement age date
You switched lenders but weren’t told about fees and penalties
You were advised to switch mortgage but not told about commission payments being paid to an advisor by the lender
You were advised to take out an interest-only mortgage without proper consideration being given by your financial advisor to the repayment of capital
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.
If you think you have a claim, you need to act quickly as there are statutory deadlines, known as limitation periods, that apply to mis-selling claims. If your mortgage product was taken out over six years ago, you can still claim if you only became aware of the potential mis-sale within the last 3 years.
If any of the above statements describe your mortgage experience, you could be eligible to claim compensation. Start your claim below for professionals to guide you through the process.
Why Use The Claims Guide For My Claim?
Help Maximising Claims - We will go through your previous borrowing and help you claim from an extensive list of lenders. Other claims companies will more likely turn you away if you are not claiming against one of their few approved lenders.
Low Fees - Our rates are also competitive and lower than many other claims management companies. You pay nothing upfront and we work on a no win no fee basis. A breakdown of our fee structure can be seen here.
We Make It Easy - Claiming a refund can be a daunting task. We make it easy and ensure everything you need is included so you don't have to spend much time on it.
Professional - Each claim is different and specific circumstances that are relevant to the claim should be explained by a professional. The Financial Ombudsman has previously been unable to progress some complaints that involved a “template” or “standard letter”.
How Much Will I Receive If My Claim Is Successful?
If you successfully claim a refund from a lender, you can claim back the interest and charges on your loans, plus, typically, 8% statutory interest. For more information on how this is calculated click here.
What Information Do I Need to Provide?
You just need to provide the name of your lender and your personal details including the address that you lived at when registering with them. Once you have given these we can obtain details of any loans where a refund may be due.
How much will I be charged?
Claiming through us always works on a no win no fee basis, meaning you won't pay a thing unless you win compensation. You will have the right to cancel the agreement within 14 days with no penalty. If you cancel after 14 days you may be charged for work done up until the time of cancellation. We use multiple partners to ensure we are able to offer claims against all lenders, from whom we receive payments. The exact fee structure will depend on which lender you are claiming against, as this decides which of our partners is most suitable for your claim. A breakdown of our fee structure can be seen here. The fees for Diesel Emissions Claims are calculated differently due to it being a group action lawsuit.
How Do I Submit My Claim?
Simply complete our online application form by clicking on the "Get Started" button. This is the first stage of your complaint to the payday lender where you could receive compensation. For more information on the process please click here.