Mis-sold Mortgages, Widespread Problem In The Country

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The problems regarding mis-sold mortgages are prevalent in the United Kingdom.  This have been recognized by the Financial Services Authority (FSA). It doesn’t matter if your mortgage was organized with a sub prime lender or specialist mortgage lender; you may be one of the victims of mis-sold mortgages cases in the country.  Also, mortgages arranged via mortgage brokers might be mis-sold.

The FSA announced its concern regarding mis-sold mortgages in 2008.  The growing number of mis-sold mortgages complaints was alarming so the FSA has banned many mortgage brokers when it found out that they were mis-selling the product with their clients.  It was reported in 2007 that more than 371,000 homeowners believe they will have been given bad advice or have been mis-sold mortgages by their lender and their mortgage brokers.

The FSA learned that lenders are giving bad tips to their clients causing mis-sold mortgages problems.  They learned that some of these mortgage brokers are willing to offer mortgages they know to be unaffordable and to accept self certification business even if they’d concerns that the financial information provided by the customers were doubtful.  Mortgage brokers failed to bother to check the financial information of their customers and worse, in some instances, the mortgage brokers themselves encouraged the borrowers to inflate the borrowers income so that you can get a higher amount of loan.  All of these techniques are fully inconsistent with treating customers fairly.

You may be able to make mis-sold mortgages claim if you were sold a mortgage while you were on benefits.  If your borrower or mortgage broker did not properly assessed to check you could afford the monthly mortgage repayments, then you may be also one of several victims of mis-sold mortgages and could be able to claim compensation.  People whose mortgages run past their retirement age were also mis-sold mortgages by their lender and mortgage broker.

If you were advised to switch to another lender without being told of each of the fees and penalty charges that would actually make you worse off, then you have been mis-sold mortgages victim.  If the commission paid for the mortgage broker by the lender was not explained to you, then you are more likely have been mis-sold mortgages.

If you were a council tenant and was suggested to purchase your council house without the lender undertaking an adequate assessment of your financial situation, then your home could be one of the mis-sold mortgages in the country.  If you paid the mortgage broker a separate fee which was a percentage of your loan, then your home was also mis-sold to you.

If any of these things happen to you, then you are one of the victims of mis-sold mortgages cases in the country and you might lose your home if you can’t act accordingly.  You might be able to save your home by filing a complaint towards your lender and may even be able to make compensation claim for being mis-sold a mortgage.

 

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