Mis-Sold Mortgages

Get the compensation you deserve

A mortgage is still probably the biggest financial commitment an individual will take out in their lifetime so getting the right one is important. Poor mortgage advice may lead to individuals facing financial hardship and even homelessness.

Helpfully, many mortgage advisors are now regulated by the Financial Conduct Authority (FCA) who have enshrined detailed rules for regulating mortgage contracts and imposing penalties when individuals have been sold unsuitable mortgages. FCA rules also allow individuals to seek compensation for losses sustained from those providing poor mortgage advice.

“Jamie helped me with a mortgage interest only misselling claim and a complicated consumer credit dispute which involved tricky case law such as Plevin. He helped me a great deal. He made the difficult legal points very simple to understand and I was delighted with the outcome.”

– Louisa, from Cheshire

What is a mortgage mis-sale

Mortgage mis-selling comes in many shapes and sizes.

Interest-only mortgages are a particularly hot topic with many about to expire over the next few years. Mortgage brokers received hefty commissions for interest-only mortgages and they were often aggressively sold with borrowers also encouraged to add unsecured debt such as loans and credit cards onto their interest-only mortgage which often resulted in extra interest being paid.

A solicitor for the silent majority.

How do I know if I have been mis-sold a mortgage?

There are a number of tell-tale factors.

  • Mortgage advisors failing to assess your individual circumstances at the time of the mortgage advice including risk profile, income, assets and liabilities, suitability for the mortgage and affordability- for example, it might be that you were provided with an interest-only mortgage to invest in a property scheme where repayment of the mortgage depended entirely on the property being built, generating income and being sold to repay capital;

 

  • Mortgage advisors failing to make a recommendation based on your personal circumstances- for example, it might be that you were in poor health or about to retire and only able to afford the mortgage short-term;
  • Mortgage advisors failing to assess your lack of experience- for example, where a mortgage has been obtained to facilitate investment in an overseas property which you have never invested in before;

 

  • Mortgage advisors failing to detail all options available to you- for example, not carrying out a fact find or producing a suitability report;
  • Mortgage advisors applying higher rate fees- for example, in respect of subprime mortgages and second charge mortgages which might be considered an overcharge.


  • Lenders may have incorrectly calculated interest and charges- for example, some customers  may have been undercharged for their first mortgage payment which means that subsequent mortgage payments are higher than they should have been;


  • Lenders may have treated customers unfairly over arrears miscalculations – for example, including arrears payments with normal repayments after a product change or interest rate change and still taking an arrears payment. While arrears may be repaid more quickly extra charges may have been applied.

Sound familiar?

If any of the above apply JCLM can help.

JCLM has experience in dealing with the mortgage mis-sale issues set out above and presenting claims for compensation, either through the Financial Ombudsman Service (“FOS”) or the Financial Services Compensation Scheme (“FSCS”).

If your mortgage advisor is still trading then you can make a claim at the FOS which has a £160,000 limit for claims made about the acts of firms before 1 April 2019.

If your mortgage advisor is no longer trading you can make a claim at the FSCS which has a £85,000 limit (per person, per firm). Claims at the FOS and FSCS do not require you to pay a fee. Do not delay: obtain the compensation you deserve.

It is important to note that in most cases complaints need to be made within six years from taking out your mortgage product. Any claim made outside the six-year period may fall foul of the time barring rule.

JCLM also have experience of dealing with court matters on these issues and holding individuals to account where relevant. Please call or e-mail JCLM for a free initial consultation.

About JCLM Solicitors

JCLM Solicitors cuts through the confusion and pretence of the legal sector. A champion of the underdog, we exist to provide reliable, straightforward and accessible legal services for SMEs and the individual.

We challenge the conventional wisdom of large, traditional legal firms to offer a service that’s on your side. We are not prepared to accept the status quo without enquiry, nor are we conflicted or in the hands of business partners/funders. We act only for our clients.

The relationships we form with our clients are built to last: we don’t switch off at 5pm, and you don’t need an appointment. JCLM Solicitors act as an extension of your business or personal interests, and you can rely on us to be determined, fearless and steadfast in our response to your legal requirements.

Contact

JCLM also offers a genuine 24/7 service on 07854 145680.

Make an enquiry

Get in touch with JCLM today and discover how our monthly legal services and expert legal guidance can help you claim the compensation you deserve for mis-sold mortgages. 

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