How to find out if you have a mis-sold mortgage
Do make that claim (it is well worth it!)
Did you ever claim for PPI?
I put off claiming payment protection insurance for years believing I would not be entitled to anything. It took being in a bit of a financial pickle for me to really look into it. I worried I wouldn’t have all the details I needed and that it would involve a lot of work /effort for no return. I was wrong. I just filled in a few simple forms, gave the scant knowledge I had (and it was pretty vague I have to be honest) and that was it.
I ended up receiving almost £900 in mis-sold PPI compensation and it was very much appreciated. I wish someone had told me about it sooner. As soon as I started to tell people I had managed to claim mine they began to tell me their experiences of claiming. How I wish they had shared these earlier. Us Brits are still so reluctant to discuss money, aren’t we?
Anyway, the important thing is to know the possibilities when it comes to claiming things you have been mis-sold. We have a right to reclaim monies owed to us and for proper compensation to be made.
So let’s talk about mortgages…and please talk to your friends about this as well so they are potentially able to reclaim mis-sold mortgages too.
Mis-sold mortgages (what are they?)
Have you been mis-sold a mortgage? Money stuff can often seem complex and yet put in really simple terms this is really all you need to be aware of …
If you have been sold a mortgage after the 1st November 2004 either direct with a lender or through a broker there is a real possibility that the Mortgage has been mis-sold.
As of 2004, the FCA (or rather the FSA before them) introduced the Mortgage Conduct of Business rule stating what mortgage advisers can and can’t do, helping to guard against mis-selling.
Owners of mis-sold mortgages taken after Nov 1st, 2004 can claim up financial adviser up to £48,000 per person (so £96,000 for a married couple who entered the mortgage together.)
The rules governing the sale of mortgages state that the lenders and brokers must ensure that the mortgage is affordable not only at the time of sale but throughout the whole term of the mortgage, even if that means into retirement.If it can be established that the mortgage was mis-sold then you may have a claim for losses from the start of the mortgage to date, and through to the full term of the mortgage.
Claim Your Mortgage are a company who deal with mortgage claims for mis-sold mortgages and offer a free, no obligation initial consultation. They have a full, enlightening and comprehensive list on their website of the many ways in which a mortgage could have been mis-sold to you. These include misinformation about the length of your mortgage term or the fact an interest-only mortgage may cost more in the long run. Have a look at all the possibilities and see if these apply to you.
Finding the paperwork (don’t panic!)
Don’t put yourself off exploring this option through fear of not finding the paperwork you need (I often procrastinate due to my messy paperwork) It really isn’t all that complicated. All you actually need are these two pieces of information
- the name of your mortgage provider
- the date it was started
That’s it- simples. You could probably find the date just by calling your mortgage provider if you cannot find the paperwork yourself.
Do it today!
You can apply online for an initial assessment form and it’s so straightforward. Well worth a few minutes of your time for potentially a huge payback.
Tell your friends too!