Decide If You’re A Victim Of Mis-sold Mortgages

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Being a regulator, the Financial Services Authority (FSA) revealed their concern regarding the expanding number of mis-sold mortgages in the uk.  The FSA have been responsible for making sure that the suitable mortgage advice will be given to a client and that each and every client has been treated reasonably by the mortgage brokers and lenders.  This will be to avoid the clients ending up with mis-sold mortgages and losing their homes.

The FSA has published important guidelines to make sure that the many mortgage brokers and lenders go through rules laid down in Mortgage Conduct of Business (MCOB) principles.  Sadly, as it is often the case several mortgage brokers and thei lending companies have possibly ignored these rules.  The FSA issued a consultation paper highlighted mortgage mis-selling practice and mis-sold mortgages as a problem in 2008.

The key question is, how will you know if you are one of those homeowners who’ve been mis-sold mortgages by the brokers?  It is tough to find out if you’re not aware of the mis-selling practices and if you’ve got no knowledge of the mortgage market or the rules and regulations set down by the FSA.  Aside from that, may be you think you sought the help of a mortgage broker for advice so it’s very hard to think that you’re one of those with mis-sold mortgages issue.

There are tons of reasons that you might have been mis-sold mortgages victim or are a victim of mortgage mis-selling.  Mis-sold mortgages could happen even though you arranged your mortgage with a mortgage broker.  It could also happen even if your lender was a specialist or sub prime, problems can always arise if you were given improper advice and was treated unfairly.  If your mortgage is on an interest only basis, there is a great opportunity that you’re one of several victims of mis-sold mortgages problem.

Some mortgage brokers mis-sold mortgages by encouraging their customers to self certify their income.  In this case, they can inflate their income declaration and acquire a much higher loan which they didnt think will be a problem in the future because they could have a hard time making the loan repayments.  Mis-sold mortgages may also happen if the mortgage broker presented one lender and one product option to the borrower.  Probably, this mortgage product will provide an enormous commission to the mortgage broker thats why he or she insisted it to his or her customer.

Mis-sold mortgage also arise each time a broker told you to get life insurance or mortgage payment protection or other insurances together with your mortgage loan.  Payment protection insurance on mortgage loan is known to be very costly and also this could add to your difficulty in making your mortgage loan repayments.

If any of these circumstances happened to you, then there is a great chance that you could be one of the victims of mis-sold mortgages practice.  Seek the help of specialist solicitor to evaluate your case so that you can claim your compensation and save your home from being reclaimed

 

 

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