Were you mis-sold a mortgage?

Was it difficult to keep up your repayments or impossible to understand the mortgage that you took out?

Today there is more pain for consumers as mis-sold mortgage claims rise following years of greed by many lenders, desperate to increase their market share. Also, easy to earn commission and fees were paid to many mortgage brokers by these same lenders. This was particularly experienced in the specialist or sub-prime mortgage market.

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A hugely important choice must be made right at the start. Everything must be done to ensure that you are offered the mortgage that is right for you by a qualified advisor (CeMAP) who must, by law, treat customers fairly.

On 1st November 2004, the sale of mortgages became regulated by the FSA under a strict set of rules called the Mortgage Code of Business (MCOB). This code detailed a strict process for the mortgage sale. Following regulation there have been many breaches of MCOB which have related to the numerous reasons for mis-sold mortgages. These include large fines for inadequate record keeping, the sale of self-certification mortgages, in particular to employed applicants has been recognised as a significant problem.

There are a number of circumstances that can constitute a mis-sold mortgage. Please consider some of the points below as you may have been mis-sold your mortgage.

 Were You?

  • Questioned to ascertain all the key facts about your mortgage application
  • Offered a choice of mortgage products
  • Offered Self Certification Mortgage when employed or self employed
  • Told that you only qualified for a sub-prime mortgage
  • Advised the mortgage end date went past your retirement age
  • Offered PPI on your mortgage or loan
  • Were you told to apply to a particular lender for "speed".

Any of the above circumstances if incorrectly advised may constitute a mis-sold mortgage.

Brokers often used mortgage packagers who carried out credit reference agency (CRA) checks to advise the brokers on product selection for applicants. This process has also resulted in breaches of the Data Protection Act.  Also wrong products were recommended from a limited selection of lenders.

Lenders who may have mis-sold mortgages

Mortgage lenders, including: Accord, Advantage, Mortgages PLC, Kensington, GMAC, GE, Platform, Preferred, Rooftop and Future Mortgages are all examples of sub-prime and specialist lenders.  Others such as Northern Rock and Bristol and West are also lenders who may have mis-sold you a mortgage.

Mis-sold mortgages have affected thousands of borrowers in the UK. The Financial Services Authority (FSA) has expressed concern; it has fined several lenders and mortgage brokers for not Treating Customer Fairly (TCF). This is not just restricted to Sub-Prime mortgages and loans, it may also apply to all other types, these include Buy to Let, Right to Buy, Purchases and Remortgages.

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