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A mis-sold mortgage can be crippling.
Because of that, as of 2004 the FCA (or rather the FSA before them) introduced the Mortgage Conduct of Business rules (MCOB), laying down the law about what mortgage advisers can and can’t do, helping to guard against mis-selling.
Owners of mis-sold mortgages taken on after 31st October 2004 who have suffered can therefore make a claim from their financial adviser, or from the FSCS up to £48,000 per person, meaning around £96,000 for a married couple who entered the mortgage together.
The chances are that your family home is going to be your most valuable and most expensive purchase in life, and for the vast majority of people a good a suitable mortgage is required to achieve the goal of home-ownership.
But a good suitable and affordable mortgage is not always on offer from your bank of financial adviser, leaving many lumped with a mis-sold mortgage that could devastate their personal and family finances for years to come.
If you have found your mortgage to be un-affordable, about to run into retirement or think you came off with a worst deal than you were expecting, then reading on could make all the difference to your financial future…
You might be sat on a mis-sold mortgage…
Your adviser has slapped you with a mortgage that might have looked OK on paper, but in practice is completely out of budget and impossible to pay off. Did your adviser take your income and outgoings into account?
Is your mortgage suitable for the rest of your life plans? Are your repayments going to spill over into retirement when you are living solely from your pension? If so, your adviser should have done suitability checks
Nasty: With an Interest-Only Mortgage, you only pay the interest on your mortgage, leaving you with no viable way to repay your mortgage and therefore never actually own your property after years of payments
You had a good credit rating, but were advised to go for a Sub-Prime Mortgage meaning you have to unnecessarily fork out for some seriously large interest rates until it’s finished. Why?!
This might sound great in the short term, but you could simply be spreading your debt over 25 or more years, and paying much more in interest in the long term, meaning you pay even more!
Did you find out you paid some extortionate fees or were treated unfairly? Were you not informed of any unfair relationships your adviser had with a mortgage provider? You could have been mis-sold.
If you think you’ve been mis-sold your mortgage, get in touch today!Get Started
These are one of the biggest mis-sold products between 2002 & 2009MORE INFO
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