During the height of the financial boom, prior to the recession, many unscrupulous mortgage companies and brokers were mis-selling mortgages to clients.
Our Mis-sold Mortgages Checklist Click here
Since the end of the financial boom it has come to light, through the Financial Services Authority, that Mortgage Brokers driven by high commissions, were often not giving the correct advice to borrowers as a result of which they were sometimes obtaining unsuitable mortgages that were not in their best interest.
As the extent of the problem has come to light, the Financial Services Authority (FSA) has demanded a clamp down on those who have been mis-selling products, such as mortgages -
- BBC News Article - FSA to clamp down on financial services mis-selling
- Channel4 - FSA investigating mortgage 'mis-selling'
Sometimes a borrower was encouraged by a broker to obtain a mortgage from a sub-prime lender on less favourable terms when the borrower had no need to access the sub-prime lending market and could have obtained a cheaper mortgage product at the time from a High Street lender.
So who are these sub-prime lenders and brokers? Click here
What can be done?
Where you have been mis-sold a mortgage or PPI product, we will run your case on a No-Win-No-Fee basis if it is suitable to do so after assessment.
Your Next Step
If you wish to discuss how we can assist you with a mis-sold Sub-Prime Mortgage, Buy-to-Let Mortgage, Right-to-Buy Mortgage, Second Home Mortgage, Mortgage/PPI, then please contact us on 020 8906 6804 or Request a Callback to discuss your requirements further. Alternatively, please complete the Free Initial Assessment form to provide further details of your concern.
We will respond to you, usually within 48 working hours with our initial view of your matter.
Why Net Financial Claims Solicitors and not a Claims Management Company(CMC?) Click here
Sub-Prime lenders and brokersSome of the large names include:-
The Bank of Ireland
The Bank of Scotland
Britannia Building Society
Legal & General
Scottish Building Society
However, there are many more - click here
Mis-sold Mortgages Checklist
- Were you actively encouraged to exaggerate about your income for example you were employed but told to ‘self-certify’ so the amount of the mortgage advance could be increased?
- At the time of taking out the mortgage were you in financial difficulties - including CCJ's or facing repossession orders?
- Were you charged a ‘finders fee’ or other fee for the mortgage?
- Does your mortgage carry on beyond your retirement age?
- Were you sold an interest-only mortgage without a repayment vehicle?
- Did you not receive the the correct documentation from the mortgage broker - for instance the Key Facts document?
- Were you incorrectly informed or not informed at all about any fees to be charged?
- Were you sold a mortgage that you could not afford?
- Have you been subject to ‘payment-shock’ – where you have a large increase in the re-payments after a short period of low payment?
- Were you encouraged to take out a mortgage - greater than what you actually needed?
- Were you advised to apply to one particular lender for speed? Or because no other lender would be interested in you – for whatever reason?
- Were you informed that you would only be able to get a mortgage with a sub-prime lender?
- Were you offered Payment Protection Insurance or Mortgage Payment Protection Insurance as part of the mortgage?
- At the time of taking out the mortgage were you unwell or disabled?
- Were you encouraged, or coherced by someone (partner, husband, wife family member or friend) to take out the mortgage or sign documentation which you did not fully understand?