Mis-sold Mortgages From A Fixed Rate And Sub-Prime Mortgage

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Obtaining a mortgage may possibly be the biggest financial commitment that a lot of individuals could make, but a lot of individuals thought that they¡Ë¢ç?ve obtained mis-sold mortgages for several causes.  This is the reason why the Financial Services Authority controlled the mortgage sale all over the country in October 2004.  This is to ensure that the customers receive the most appropriate information for their needs and conditions.  The mortgage brokers have to be sure that the consumers can afford the mortgage, they should be able to make the monthly mortgage repayments.

However, even if the Financial Services Authority regulated the mortgage sales, there is still lots of evidence showing a large number of people have mis-sold mortgages and a lot of property owners have not gotten the most appropriate tips on their behalf.  People were still getting incorrect or misleading mortgage information in several approaches this is the reason why thousands of mis-sold mortgages and mortgage associated product were usually mis-sold.

You’ll find ways which may assist you to determine whether you’re one of the victims of mis-sold mortgages.

The adviser didnt inform you with the modifications in rates of interest and also the result of this on your own financial status.  Most of the people who had taken out a fixed rate mortgage have experienced this case.  They weren’t advised by the mortgage brokers that their repayment will have been set in a fixed amount for a period of time and when the fixed rate ended, the repayments may have changed to the standard rate that has been offered by the lender.

This means that the mortgage repayments will have to increase substantially.  If the adviser didn¡¯t explain this case to you and you also weren¡¯t assessed if you would still afford the changes then you have a mis-sold mortgage.

The adviser sold a sub-prime home loan where you could have acquired a high street mortgage.  Sub-prime mortgage could be offered to individuals with poor credit history or to those individuals who have encountered problems with loan repayments previously.  It can also be offered to people whose earnings are below the level that a mainstream lender will accept or require a particularly high loan against the property’s value.  Sub-prime mortgage have a greater interest rate.  If you think that you possibly can acquire a high-street mortgage loan, but sub-prime was sold to you then you are one of those people who have mis-sold mortgages and your mortgage broker took advantage of you.

These are some of the cases where mis-sold mortgages occurred.  If any of these happened to you then you have a mis-sold mortgage and you may have the ability to claim back your compensation or save your home if you will do the correct measures.


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