Mis sold mortgages have become a major problem in recent years
, with the Financial Standards Agency stopping a plethora of scrupulous mortgage brokers from operating due to mis sold mortgages. Many home owners have been sold a mortgage that did not meet FSA standards and in 2008, the FSA delivered the message that there was major concern regarding the mortgage brokers selling mortgage deals to potential home owners and either concealing certain information about the mortgage or encouraging them to inflate their income for the purpose of gaining a higher mortgage. This is deemed illegal and it is now possible to gain compensation as a result of receiving a mis sold mortgage.
How would you know if you had been mis sold a mortgage?
You might not even know that you are entitled to money back as a result of a mis sold mortgage. However if are not sure, these are some things to think about
* Subprime mortgage deal?
* Buy to let?
* Self-certified?
* Told to declare higher earnings?
* Not given thorough information regarding charges
* Higher loan charges?
There are various reasons why your mortgage might be classified a mis sold mortgage, however to find out if you are definitely entitled to a payment the best thing to do would be to contact a specialist company that deals with mis sold mortgages. It is estimated that over 300,000 people in the UK have had a mis sold mortgage. Those 300,000 people are entitled to some kind of money back as a result.
How do you go about claiming?
The first thing you should do is locate all your paperwork and make sure everything is in order. Most specialist companies can be contacted via phone or e mail. They would normally give you a specialist mortgage review to make sure that you have indeed been mis sold a mortgage. Once it has been established that you have been mis sold a mortgage you can then proceed with your application to claim.
How much could you get?
There is no set amount, it all depends on the size of your mortgage and the severity of the case.
How long does it take to claim?
Normally mis sold mortgage claims can take between 7 and 12 weeks, could be more or could be less.
In recent years more and more home owners have realised that they might have been mis sold a mortgage and are thinking about or have made a claim relating to that mortgage. Not everyone who applies will qualify for payment; however there is no doubt that there are still thousands of people in the UK who are not aware that they are entitled to some form of payment.