Were You Mis Sold An Interest Only Mortgage

mis-sold-interest-only-mortgage

It is well documented that mortgage lending during the mid-2000s was “fast and loose” at best.

Many homeowners were sold unsuitable mortgage products, leaving them in a difficult financial position today.

In conjunction with our industry leading legal partners we have successfully challenged mis-sold mortgages and secured significant sums of money back for our clients.

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FAQ’s On Mis Sold Interest Only Mortgages

How much can I claim?

Each case is individual; £100,000 is the maximum.

How can I tell if my mortgage was mis-sold? What you should I look for?

  • Your mortgage is interest only or was when you originally took it out and you had no clear plan to repay the capital
  • It has been running for at least 6 years
  • The mortgage was arranged via a broker (rather than by a lender directly)
  • It was arranged after October 2004

Type of mis-sold mortgage – where the mortgage broker advised the homeowner(s) to:

  • Raise money against their home to fund an overseas property purchase
  • Purchase their property via the Right To Buy Scheme where the broker used misleading information
  • Take a mortgage where retirement date is before the interest only mortgage term ends
  • Consolidate debt (loans, credit cards etc) by re-mortgaging their home
  • Incur costly penalties (Early Redemption Charges) to re-mortgage

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How long does a mis-sold mortgage case take to complete?

It depends. Simple cases can be resolved in 2-6 months, more complex cases can take 1-2 years.

I think my mortgage was mis-sold but I’ve re-mortgaged to another lender since, can I still claim if my mortgage was mis-sold?

Yes.

I’ve sold my property but I think the old mortgage was mis-sold, can I still claim if my mortgage was mis-sold?

Yes.

Is there are end date, like PPI?

Currently no. Though experience tells us that the more time that elapses the more difficult it can become to secure redress/compensation; if you believe your mortgage was mis-sold, you should look into this now.

What types of mortgages are excluded?

Generally mortgages completed before October 2004 are exempt for redress/compensation, as are buy to let mortgages.

How much does it cost?

A case review is £395. Here your lending documentation is retrieved and reviewed and advice provided. If you choose to take a mis-sold mortgage claim forward from there, the cost is 20%+VAT of any claim.

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