There are many criteria which may be met and in-turn may constitute a mis-selling. See below for some common scenarios.
Endowment Policies - Were you advised to take out an investment designed to pay-off your mortgage when it finished? Did you go on to later discover that you would not be paid out enough? This could constitute a mis-sold policy.
Interest Only Mortgages - In scenarios in which you were only paying the interest on your mortgage each month, and your advisor did not make you aware how you would repay your mortgage.
If this was not discussed, or your lender did not give you examples of a Capital or Repayment mortgage compared to the lower costs of an interest only mortgage. This could constitute a mis-selling.
Mortgaging To Clear Debts - If you have re-mortgaged to consolidate other debts, the advisor must explain that although your monthly outgoings will be reduced initially, these will be extended over a longer period of time. If this was not explained to you, this may constitute a mis-selling.
Household Budget Analysis - If you have unknowing over-committed yourself to a mortgage you cannot afford, without full analysis and explanation from your broker or lender, they may have mis-sold the loan/mortgage to you.
Self-Certification Mortgages - Were you encouraged to take out a ‘Self-Cert’ or ‘Fast Track’ mortgage, in which, you didn’t need to prove your income. These commonly have higher levels of commission and may result in you being mis-sold the policy / mortgage.
Post Retirement Running Times - Has your mortgage run pat your retirement age? Was this pointed out to you prior to taking it out? If not, your mortgage may have been mis-sold.
High Brokerage Fees - Were you fees unreasonably high? Were you made aware of all of the fees prior to taking out the mortgage? Have your fees been added to you mortgage, meaning you pay interest on them?
If you feel any of these scenarios are applicable to you, get in touch with us today via our online webform to check if you could claim.