Mis-sold Mortgages
Mortgage complaints
If you are one of the vast number of people who have been
burdened with an unaffordable and inappropriate
mortgage did you know that you may be entitled to
compensation?
It has come to light that thousands upon
thousands of mortgages have been mis-sold to
people by unscrupulous brokers and banks only looking to line their
own pockets with lucrative commission and interest rather than
provide a product that is suitable for their customers.
The Financial Services Authority recently highlighted this
problem and has begun to crackdown on mortgage mis-selling.
In March 2009 a householder who had his home repossessed claimed
that he had been mis-sold his mortgage. He took his case to the
Financial Ombudsman Service and was eventually awarded
£50,000 compensation. This case set a precedent
and thousands of similar claims of mortgage mis-selling are
expected to follow suit.
So whether you are a couple of months in arrears or being
threatened with repossession then NOW is the time to
act. If it's clear that you could never realistically
afford to pay off your mortgage from the outset then you will have
strong case for mis-selling.
The regulations
Under Section 4.7 of the FSA's rulebook for mortgage advisers,
"Mortgage and Home Finance: Conduct of Business" (MCOB) it states
that mortgage advice must be "suitable for that customer" and that
advisers "must make and retain a record" of it being suitable.
Breaches of the MCOB rules are "actionable at the suit of a
private person who suffers loss as a result", under section 150 of
the Financial Services and Markets Act 2000.
How to know
if your mortgage has been mis-sold
Claims Financial