Have you been missold a mortgage?
A missold mortgage really is exactly how it sounds; a mortgage that has been sold to someone unlawfully. There are many ways in which a mortgage can be missold and many of us aren’t aware we have even been missold a mortgage.
Mortgage misselling is a grave concern of the Financial Services Authority (FSA). This is not surprising, as a mortgage is likely to be the largest and most important loan the majority of people will ever take out in their lifetime.
If you have taken out a mortgage in the last few years, whether directly from a lender or through a mortgage broker, there is a chance that you have been missold your mortgage. Contact a missold mortgage solicitor today as you may be entitled to financial compensation for a missold mortgage.
Receiving mortgage advice
Due to the major financial commitment people have to make when taking out a mortgage, protective measures are in place. Since October 2004, the FSA has regulated those wishing to give mortgage advice. From this date it was, and still is, a requirement of anyone giving mortgage advice to ensure that the advice that they provide is suitable to the needs of whoever is wishing to take out a mortgage.
The mortgage advice that is given should include a detailed review of whether a mortgage is affordable, whether it is the most suitable mortgage that the mortgage advisor can offer you and whether the mortgage meets your personal needs and requirements.
Anyone taking out a mortgage has a right to expect accurate and honest mortgage advice on the above factors. Any failure to provide accurate and honest mortgage advice can have devastating consequences for those receiving and acting upon such advice.
In some cases, poor mortgage advice can leave an individual with unmanageable debt and could even lead to such a person losing their home. Unfortunately, there is considerable evidence to show that many people have received poor financial advice when it comes to mortgages, often causing the victims of such advice unnecessary stress and financial implications.
What constitutes as a missold mortgage?
Although there are many ways in which a mortgage can be missold, the criteria for what constitutes as a missold mortgage are the same throughout. A mortgage is considered to be missold when whoever has given financial advice and sold a mortgage has not done so in compliance with regulatory requirements.
The FSA has a set of regulations that must be complied with as described in the Mortgage Conduct of Business (MCOB). The main emphasis from these regulations is that all mortgages must be sold in the interest of the customer and be of suitability to that customer. Any breach of this basic requirement can constitute as a missold mortgage.
Missold mortgage solicitors
As misselling a mortgage is a breach of FSA regulations and therefore a breach of the law, there is financial compensation available for those who have been missold a mortgage in any way. The FSA has a principal of ‘treating customers fairly’ and that is exactly what many mortgage advisors fail to do.
Contact a missold mortgage solicitor today if you think you have been missold your mortgage. We offer a find a Missold Mortgage Solicitor service that will put you in touch with professional and reputable missold mortgage solicitors. You can use our solicitor matching service free of charge and there is no obligation to use any solicitor that we find for you.