Mis-sold mortgages are a fact

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What is a Mis-sold mortgage?

A mortgage has been mis-sold when the sale has not complied with or met regulatory requirements. There are many breaches of mortgage regulation which may constitute a mis-sold mortgage and entitle a borrower to claim compensation. This regulation may be contained in MCOB but also other regulation and codes of conduct imposed by mortgage regulators over more than a decade can be considered. ‘Treating Customers Fairly’ is an underlying principal which should underpin the sale of all financial products. Fill out our Mis-sold mortgage claim form and one of our mortgage advisors will call you to discuss if you have been mis-sold your mortgage.

Have I been Mis-sold my mortgage?

In order to identify if your mortgage was mis-sold, expert analysis of the sale and all documentation is required. There are a number of key areas of a mortgage sale to be considered. Some of the most common “failings” found and punished by the FSA include:

• Allowing a mortgage term to run into retirement with no guaranteed income 
• Failing to Investigate to see if the borrower qualified for a mortgage other than a sub-prime product
• Lending to vulnerable borrowers who were already struggling to make repayments
• Not Complying with the decision making process, including product selection reasoning
• Not fully explaining what an interest-only mortgage is without consideration for where a borrower would live if the capital was not repaid 
• Ensure the borrower could afford to repay the mortgage taking into consideration all of their personal circumstances
• Verify all the information provided by the borrower, was your loan ‘fast tracked’ or recommended as ‘self certification’?
• Disclose all fees at the initial interview and ensuring that any fees which were disclosed are consistent with the completion statement
• Consider and explain the full and true cost of adding other loans to the mortgage ‘debt consolidation’
• Explain what a 'payment shock' would be if rates change

Why should I use Gladstone Brookes for my Mis-sold mortgage claim?

Expert knowledge and experience of a mortgage sale and compliance supported by our industry reputation, helps to ensure you receive the full compensation due from your lender or mortgage advisor if you have been mis-sold. Contact Gladstone Brookes today by filling out our mis sold mortgage claim form

“Gladstone Brookes recognises the important role Mortgage Intermediaries and Independent Financial Advisers play in offering their services to borrowers. It has become increasingly obvious that their job is made more difficult by trying to secure new borrowing for those who have been mis-sold their current mortgage.”