If you have a mortgage complaint, or would like to establish whether your mortgage may have been missold, then you have come to the right place. For the most part, mortgage providers are a trustworthy bunch, but there are an unfortunate few who seek only to profit and cause endless problems for anyone who should take out a mortgage from them.
Its a sad fact that mortgage complaints due to this type of lender were so frequent that the topic became a grave concern for the Financial Services Authority (FSA) .
The FSA launched an investigation in 2008 to address the unpleasant phenomenon of mis-sold mortgages, dealing with mortgage complaints from the public who had been wronged from the minority of mortgage lenders who are not interested in helping their customers.
Why should I make a mortgage complaint?
For many of us, a mortgage is the most important loan we will ever take out in our lifetime. Due to this, the FSA does not tolerate errant mortgage brokers and lenders who give poor financial advice. The majority of us who have fallen victim to such people may not even realise that we have been missold a mortgage.
The good news is that financial compensation is available for those that establish a valid mortgage complaint. If you were sold a mortgage in the last few years and feel that the terms and repayments are unfair, it could be that you were missold the mortgage and you should make a mortgage complaint as soon as you can.
The first step you should take is to contact a mortgage complaints solicitor. A mortgage complaints solicitor can discuss your personal circumstances, establish whether you were missold a mortgage, and then help you to proceed with a claim.
Mortgage complaints about mortgage advice
Since October 2004 the FSA has regulated the selling of almost all types of mortgages. This is to ensure that the mortgage buyer is receiving the correct financial advice and can make a valid assessment of
what mortgage product is most suitable.
While most mortgage providers are helpful and knowledge, those few offering poor financial advice lead in mortgage complaints and are unacceptable. Do not hesitate to make a mortgage complaint as there are time limits restricting your ability to make a missold mortgage claim.
What mortgage advice should I have received?
The mortgage advice that is given should include a detailed review of whether a mortgage is affordable, whether it is the most suitable mortgage that the advisor can offer you and whether the mortgage meets your personal needs and requirements.
Anyone taking out a mortgage has a right to expect accurate and honest mortgage advice on the above factors. Any failure to provide accurate and honest mortgage advice can have devastating consequences for those receiving and acting upon such advice.
In some cases, poor mortgage advice can leave an individual with unmanageable debt and could even lead to such a person losing their home. Unfortunately, there is considerable evidence to show that many people have received poor financial advice from a minority of lenders when it comes to mortgages, often causing the victims of such advice unnecessary stress and financial implications.
Make a mortgage complaint and get the financial compensation you deserve.
When should I make a mortgage complaint?
Although there are many ways in which a mortgage can be missold, the criteria for what constitutes as a missold mortgage are the same throughout. A mortgage is considered to be missold when whoever has given advice and sold a mortgage has not done so in compliance with the FSA’s regulatory requirements.
The FSA has a set of regulations that must be complied with as described in the Mortgage Conduct of Business (MCOB). The main emphasis from these regulations is that all mortgages must be sold in the interest of the customer and be of suitability to that customer.
Any breach of this basic requirement means you have a valid mortgage complaint.