Mis-sold Mortgage Claims UK
Background To Mis-sold Mortgage Claims
Lenders and mortgage advisors must provide proper advice during the selling process so you can make an informed decision. However, in many cases, financial advisors, lenders, and brokers have failed to provide proper advice leading to individuals left with mortgages they cannot afford to pay.
A significant number of mortgage owners are unhappy with how 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 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 situation you are in now, and the position it would have been in had you not been mis-sold the relevant product.
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 helpful advice regarding their mortgages. Signs that your mortgage was mis-sold include:
- 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.
Were you mis-sold by any of these companies?
If your lender, is not on this list, please call us.
| LENDERS | LENDERS | LENDERS |
|---|---|---|
| ACCORD | ACENDEN | ADVANTAGE HOME LOANS |
| AMER HOME LOANS | ALDERMORE BANK | BEACON HOME LOANS |
| BIRMINGHAM MIDSHIRE | BLACKHORSE | BLUESTONE MORTGAGES |
| CAPITAL HOME LOANS | CAPSTONE MORTGAGES | CEDAR HOLDING |
| CHELTENHAM & GLOUCESTER | CITY MORTGAGE CORPORATION | COMMERCIAL FIRST MORTGAGES LTD |
| CHESHIRE MORTGAGE CORPORATION | DERBYSHIRE HOME LOANS | ELDERBRIDGE |
| ENDEAVOUR | ENGAGE CREDIT | EVOLUTION BANKING LTD |
| FIRST NATIONAL BANK | FIRST PLUS | FIRST / 1st STOP FINANCE |
| FREEDOM FINANCE | FUTURE MORTGAGES | FOUNDATION HOME LOANS |
| GE MONEY | GMAC | I GROUP |
| J&J SECURITIES | KENSINGTON | LAPITHUS |
| MAS | MELANITE MORTGAGES | MONEY PARTNERS |
| MORTGAGE EXPRESS | MORTGAGES 1 LIMITED | MORTGAGES PLC |
| MARS CAPITAL | NEMO PERSONAL FINANCE | NORTON HOME LOANS |
| OCEAN FINANCE | OCWEN | PARAGON |
| PARATUS | PICTURE LOANS | PINK HOME LOANS |
| PLATFORM | PREFERRED MORTGAGES | PRESTIGE FINANCE |
| PRECISE | REDSTONE | ROOFTOP MORTGAGES LTD |
| ROSINCA | SOUTHERN PACIFIC | SPPL (ACENDEN) |
| SPRING FINANCE | SWIFT | SIBER RITE |
| SHAWBROOK | STEP ONE FINANCE | THE LONDON MORTGAGE COMPANY |
| THE MORTGAGE BUSINESS | THE MORTGAGE WORKS | UCB HOME LOANS |
| TOPAZ | VICTORIA HOME | WELCOME LOANS |
| WHITE LABEL LOANS |
