Many homeowners in the United Kingdom have mis-sold mortgages problems. Mis-sold mortgages are those mortgages marketed to home buyers which were not suitable to their financial position or capacity. They are typically sold by a mortgage broker or lender who has failed to provide an impartial evaluation of the hone buyer’s capability to pay their loan.
There are several factors which has to be considered when determining if you were one of the victims of mis-sold mortgages cases. It is about looking at what advice was handed at the time your mortgage was offered to you. You must make certain that your mortgage adviser complied with the appropriate Rules and Regulations which were in force to protect borrowers at the time.
If in case you find out your mortgage agent failed, then there is a possibility that you’re a mis-sold mortgages victim and it is most likely that you will be entitled to compensation.
To help you determine whether you may have been mis-sold mortgages victim, below are a few factors that may assist you:
-If your mortgage broker failed to present you with sufficient documentation, with particular reference to omission of a key Facts document
-If your mortgage broker or lender didn’t provide complete information regarding all fees and charges that you need to pay
-If your mortgage broker persuaded to sign a self certification mortgage when you were employed
-If you’re sold a mortgage which the repayments were beyond your budget
-If you qualified to obtain a mortgage loan in a prime lender for a lower rate, but when completion is made your mortgage was taken out on a sub prime lender
-If borrowing was beyond your means
-If you have taken out a new mortgage with further conditional insurance just like Unemployment or Accident Sickness or Mortgage Payment Protection Insurance
-If you have taken out a home loan while getting any type of welfare or benefits
-If your mortgage repayment runs past your retirement age
-If your mortgage was taken out a fixed rate mortgage then encouraged by your mortgage broker to re-mortgage to a better deal
If any one of these things happen to you, then there was a clear mis-sold mortgages practice that transpired on the part of your mortgage lender or broker.
Individuals who consider they have been mis-sold mortgage deals have to speak to a person from whom this was purchased. If upon carrying this out, there is no success, then the subsequent move must be to take the mis-sold mortgages complaint to the Financial Ombudsman Service. There are also claims management firms in this field to assist you in making your claims for mis-sold mortgages complaint and they can assess your claim without cost.