Are you one of the 100,000’s of people that have potentially been mis sold a mortgage or re mortgage since November 2004?
From the 1st of November 2004 the mortgage market in the UK became regulated by the Financial Services Authority (FSA), this meant that ALL Lenders and Mortgage Brokers had to adhere to a new strict set of rules known as The Mortgage Code of Business (MCOB). In the ‘Lending Boom Years’ of 2004-2008 various mortgage products were available via mortgage brokers and lenders alike and the advice given to consumers often did not comply with the strict MCOB and ICOB (Insurance Code of Business) rules governed by the FSA. The rules are set out by the FSA so that any mortgage advice given, gives a customer a full understanding of the features, benefits, risks and costs of financial products and services that they buy, or agreements that they enter in to.
If you believe the answer is yes to any of the following statements you could be entitled to £10,000’s in compensation due to the fact that your lender or mortgage broker may have given you bad advice when advising on the most suitable mortgage products to take out.
If the answer is yes take our free no obligation 30 second test!!
- Did you take payment protection insurance (or similar insurance) that was added to the mortgage?
- Did you remortgage to consolidate other debts into the mortgage?
- Were you advised to be remortgaged from a high street lender to a sub-prime lender?
- Does your current mortgage run in to your retirement age?
- Did the broker suggest that you should apply to a specific lender because you needed a decision in principle quickly?
- Were you or your partner on benefits at the time of your mortgage application?
- Were you advised to take out an interest-only mortgage and if so did the broker/lender fail to set up a repayment vehicle alongside the mortgage?
- Were you charged a broker or arrangement fee that was added to the mortgage?
- Did the mortgage advisor explain the Initial Disclosure Document and detail the services they could provide you?
- You didn't have any previous credit problems when you took out your mortgage but you were sold a "sub-prime" mortgage?
- You were recommended an interest-only mortgage on the basis that this would reduce your monthly payments and therefore be affordable?
- Offered Self Certification Mortgage when employed?
- Told that you only qualified for a sub-prime mortgage?
