How do I know if my interest only mortgage was mis-sold?
- On the face of it, it appears that lenders have been selling interest only and sub-prime mortgages to customers, who would have undoubtedly benefited from other products, however were not provided with other options.
- You may have overpaid fees at the time you purchased your property or hidden fees may have been added to your mortgage, without you knowing.
- Is your mortgage scheduled to end after retirement? If so your advisor had a clear obligation to consider your eligibility to repay after retirement. If they failed to do so your mortgage may have been mis-sold
For most buying a home is quite possibly one of life’s biggest financial decisions. It can be pretty stressful too.
Banks, Financial Advisors and Mortgage Brokers all have a duty to ensure their customers are protected.
As widely reported in the press, post- recession, it has transpired that the customers best interests were not priority for certain lenders. It has transpired that some lenders are guilty of mortgage mis-selling.
Our team work hard and can help you assess whether your interest only mortgage was mis-sold.
- During 2007-2008 it is estimated that more than 50% of interest only mortgages were mis-sold as individuals were not required to provide proof of earnings – according to the FSA.
- The FCA have issued fines to certain banks with trusted household names for serious failings regarding the sale of mortgages, such fines running into tens of millions.
- The FCA established in the case of two banks investigated only 1% of 30,000 customers were provided with the correct mortgage advice
- Interest only mortgages allowed individuals to own their homes with low monthly costs.
How to claim
- It’s simple…our team will firstly undertake a FREE, NO OBLIGATION investigation to establish whether your interest-only mortgage was in fact mis-sold and, if so will then provide you with advice and assistance to take the next steps to ensure you recover any compensation you are entitled to.
- Working closely with a panel of specialist law firms we guarantee an excellent, personalised service.
Even if you’re unsure whether your interest only mortgage was mis-sold it’s worthwhile taking the time to enquire with us.
CALL our friendly team today on 0330 058 0571.