The Financial Services Authority has released figures which show a record level of complaints being made against mortgage companies who may have mis-sold mortgages . Overall there were 51,611 complaints upheld in areas which included sup-prime, equity release and other regulated mortgages . The Financial Services Authority requires firms who are registered as mortgage businesses to report every six months on the amount of complaints they have received.
Complaints for mis-sold sup prime mortgages were up, while equity release showed a decrease. Consumers have been advised to seek professional advice from companies who are experienced in claims management and regulated by the Ministry of Justice. There have been many recent cases of such companies being closed down.
Industry experts predict a significant rise in these figures as mis-sold mortgages become highlighted in the release of these statistics, one commented" There are many consumers who were sold self certification mortgages for the convenience of the broker who was keen to receive generous commission fees from hungry lenders, such a product was often not the best for the consumer who may now be paying a high price for the advice given."
The financial services compensation scheme has recently reviewed the limits for compensation for upheld complaints to £50,000. This scheme is to ensure that if a regulated company in unlikely to meet the claim the payment of any compensation is made.
Mis-sold Mortgage Claims > Mortgage News
Record number of Mis-sold mortgages and complaints revealed
Wed, 12 May 2010
| Mortgage Fraud Rises for Fifth Consecutive Year - Wed, 16 May 2012 |
| Homebuyers Avoid Mortgage Protection due to PPI Scandal - Fri, 11 May 2012 |
| Lenders No Longer Going Ahead with Mortgage Fraud Squad Plan - Wed, 09 May 2012 |
| More News |