Missold Mortgages Compensation Claims
Many mortgages and their associated products have been mis-sold to homeowners through mortgage lenders or brokers, and only some mortgage advisors offer sufficient information to their customers.
Typically, missold mortgages were taken out with sub prime or specialist mortgage lenders. Many consumers aren’t aware that if they have been missold a mortgage by a company that is now in liquidation, they can still make Missold Mortgages Compensation Claims.
Have you been given an unfair deal?
When you take advice from a mortgage broker or lender you should have discussed your situation with them when providing information on your personal financial circumstances. Whether your situation is PPI Insurance misselling or unfair credit card & loan agreements, missold mortgages compensation claims lawyers can handle your case on a no win no fee basis.
You may have been missold a mortgage for many reasons, but in particular, in cases whereby you had not been fully informed. The full disclosure of the terms of business contained in the Initial Disclosure Document (IDD) must show clearly information about the mortgage introducer, including any fees they charge and what products they have access to.
Missold mortgages compensation claims
The products that you qualified for after providing your personal information, must be shown to you unless it was clearly stated that only one was offered. This personal information should have been recorded in a “fact find” document. All documentation relating to your transaction should have been retained by the mortgage broker.
How do I know if I was missold my mortgage?
If you can answer yes to any of the criteria below, you may have been missold a mortgage. If that is the case, speak to Missold Mortgages Compensation Claims Lawyers about whether you have a case. Here are some of the questions that may apply to you.
- Exploited and sold a mortgage you could not afford
- Not provided with the correct documentation by your mortgage broker
- Completed on a sub-prime mortgage when you qualified for a lower rate
- Sold a self cert mortgage when you were employed
- Advised to terminate a mortgage and charged fees for redemption
- Not informed about all the fees and charges correctly
- Encouraged to have a loan term beyond your retirement
- Encouraged to borrow more than you originally wanted to
- Asked to take out a new mortgage with any conditional insurance such as Accident Sickness and Unemployment
- Experiencing a large increase in payments
Customers who bought Payment Protection Insurance (PPI) may have been missold their policy.
If you believe you may have been missold your endowment mortgage for a residential property and are left with a shortfall – you may be entitled to make compensation claims. It is recommended not to waste time; otherwise you will miss industry imposed deadlines. Missold mortgages compensation claims lawyers will look extensively at all the different aspects of the agreement.
The investigation of the mortgage misselling process is complex and time consuming; therefore if you are a victim of a missold mortgage, it would be better to find missold mortgages compensation claims solicitors or lawyers to proceed for you. They will also check that your mortgage agreement is fully compliant with the law.
Here are some points that missold mortgages compensation claims solicitors will check out:
- Mortgage Indemnity Guarantee
- Sub Prime mortgage agreements
- Unfair early redemption penalties
- Payment Protection Insurance Policies
- Miscalculated APR’s
- Secret commissions
- Unfair Terms and Conditions
- Any form of ‘unjust enrichment’ by the lender
- Unfair charges
You may have a mis-selling complaint if:
- Your financial advisor did not explain at the time of taking out the mortgage that the plan would invest on the stock market and the pay-out was therefore not guaranteed.
- You were single and did not require the life insurance element of the endowment and the salesman failed to make it clear you were paying for this cover (some lenders would insist on this cover as a condition of providing the mortgage).
- There were unfair early redemption penalties.
- You were not properly assessed to see whether you could afford the repayments.
- The salesman persuaded you to cash in one endowment and take out another.
- The fees or charges involved were not fully explained to you.
- The loan was from a ‘sub prime’ lender.
- You were sold a payment protection policy.
In general for claims involving payment protection insurance misselling, there is a 6 year time limit, meaning that you can only claim if the alleged misselling occurred within the last 6 years. The time limit potentially can be extended to 12 years, but this depends upon your individual circumstances.
Be persistent with your Missold Mortgages Compensation Claims!
This is good advice to remind you that it is too easy to accept your first missold mortgage compensation claims rejection letter saying your claim is not valid. Do not back down if you are sure you are in the right and that you have been missold mortgage insurance protection.
Customers are accepting the initial rejection letter and literally giving up their fight there and then when they should really be concentrating on escalating their claims.
If you do not keep pestering your lender to take your claim for compensation seriously, your letters could literally end up at the bottom of a large pile of paperwork. If you have not got the time, patience or do not feel confident about your writing ability to get your money back then let missold mortgages compensation claims solicitors or lawyers take on your case for you. Banks and lenders are expert in stalling those customers who make seek missold mortgages compensation claims, whereas missold mortgages compensation claims solicitors generally know how to fast track your complaint on your behalf. They will ensure the maximum amount of compensation for you.
But try to find solicitors and barristers that have many years of experience in the financial services industry in order to deal with your claim from start to finish and guarantee to get the maximum amount from your missold mortgages compensation claim paid to you.