Home » Mortgages » Mis-sold Mortgages
Strict regulation, introduced in 2004 by the Financial Services Authority (FSA) called the Mortgage Code of Business (MCOB) has been used to expose both lenders for ‘irresponsible lending’ to vulnerable borrowers and brokers who offered poor advice. Fines running into millions of pounds have been levied by the FSA for these “failings” as a result. If you are a victim complete our Mis-sold mortgage claim form.
If you have been a victim of a ‘payment shock’ careful consideration of your ability to afford to pay your mortgage may not have been given by your mortgage adviser.
Thousands of borrowers are sold Mortgages that run into their retirement. Often your income will reduce making payments difficult to keep up. This is a problem if rates increase.
Having the ability to repay your mortgage is crucial. Lenders have failed to give consideration as to where borrowers will live if the capital is not repaid at the end of the term.
Many people felt they had a ‘poor credit rating’ and were regarded as a risk to some lenders. Sub-prime Mortgages were mis-sold to vulnerable borrowers.
Thousands of Council tenants were canvassed and encouraged to exercise their RTB. Many had existing financial difficulties and were subject to mis-sold mortgage packages.
Inexperienced landlords were offered mortgages requiring small deposits; these were often raised by remortgaging a main residence, this stretched borrower’s finances during difficult times.
Does one or more of the key areas above, which have been identified as “failings” by the FSA and constitutes a Mis-sold mortgage, apply to you? If so complete our Mis-sold mortgage claim form.
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