What Is a Mis-Sold Mortgage?
Most people are aware of the fact that financial institutions mis-sold Personal Protection Insurance to people, but do not realise that the same was done with mortgages. Sadly, lots of people were not sold the best mortgage for them. In some cases, the consequences of this have been devastating in the worst cases people have ended up losing their homes.
Under UK regulations, mortgage brokers have to look after their clients and give them sound advice to ensure they get the best mortgage for them. They have to explain mortgages in full to their clients, so that they understand exactly what they are getting into. Mortgage brokers are required to follow the statutory TCF principles. TCF stands for Treating Customers Fairly if your broker did not follow these principles you may be able to make a mis-sold mortgage claim.
Examples of a Mis-Sold Mortgage
If rather than sell you the best mortgage for your personnel circumstances your broker sold you the mortgage that gave them the most commission you have been mis-sold your mortgage. Some brokers are not qualified to give advice about certain types of mortgages. To stop people being given incomplete advice mortgage brokers are supposed to give customers an Initial Disclosure Document when they first sit down with a potential client. This document explains to customers whether the broker can give advice about all kinds of mortgages or just some types of mortgages. If this did not happen when you bought a mortgage you later had problems with you may have a valid mis-sold mortgage claim.
Get Help to Make a Mis-Sold Mortgage Claim
Determining whether you have been mis-sold your mortgage is quite difficult to do. Even if you are sure, you fall into this group working out how to make a claim and actually claiming is difficult. As a result, it makes sense to get help from a specialist claim firm. The experience these firms have makes it far easier for you and means that your claim can be put together and submitted quickly. Many of these firms are happy to speak to you and to do so for free, so it makes sense to read through their websites or speak to them over the phone.
If you want more information on mis sold mortgages visit the Gladstone Brookes website.
