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Mis-Sold Mortgages

If you were advised to take out an investment designed to pay off your mortgage when it finished, did you later discover that you would not be paid out enough? 

Barings Solicitors are experienced in recovering compensation for clients who have been mis-sold mortgages and associated products whilst receiving advice from brokers, lenders and independent financial advisors. We utilise the law to fight for your rights and guide you through the claims process giving you peace of mind.

Endowment Policies

Claim Now if any of the following apply to You:

  • Unsuitable Endowment. The endowment was not suitable for your needs and circumstances. For example, if you were single with no dependants and had no requirement for the life cover provided by the policy.
  • Non-discussion of other options. Other options for repaying the mortgage never fully discussed, such as a repayment mortgage.
  • Guaranteed endowment policy. The adviser told you the endowment policy was guaranteed or would definitely pay off the mortgage and didn’t explain that the amount you would get back was dependent on the performance of the policy.
  • Shortfall never mentioned. You were never told there could be a shortfall at the end of your mortgage term.
  • Non-disclosure of risks. The adviser didn’t explain how your endowment would be invested or the risks involved, and didn’t check that you were comfortable with these risks.
  • Non-disclosure of fees and charges. The adviser didn’t explain the fees and charges and how they affect the returns on your policy.
  • Churning. The adviser told you to cash in an existing endowment and then sold you another one to replace it. this is known as churning, which is poor advice and against the Financial Conduct Authority’s rules.
  • Payments in retirement. Payments into retirement were not discussed. If your mortgage and endowment were set to continue past your expected retirement age, your adviser should have checked this would be affordable.

 

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

 

Interest Only Mortgages

If you were only paying the interest on your mortgage each month, then the advisor should have made you aware how you would repay your mortgage when it finished.

If your broker, lender or independent financial advisor didn’t discuss this with you or give you examples of the cost of a Capital and Repayment mortgage compared to the lower costs of an Interest Only mortgage, then this would be an example of mis-selling.

Furthermore, was it explained to you that you may have to switch your mortgage to a Repayment mortgage rather than relying on rising house prices? If not, then this could also constitute mis-selling.

 

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

 

Remortgaging to Clear your Debts

If you were looking to consolidate your debts, were you advised that it would be cheaper for you to put all your loans, credit cards and finance onto your mortgage?

If not, you could be exchanging short term debts for a long term debt by adding it to your mortgage.

Did the adviser explain to you that although you would be lowering your monthly outgoings initially, you may well be lengthening the term of your debt and vastly increasing the amount of interest that you would be paying?

If not, this could be constituted as mis-selling.

 

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

 

Household Budget Analysis

Were you asked to complete a household budget analysis? Were you asked how much your monthly income was, and what your monthly outgoings were?

Did they work out with you how much money you had left over each month after paying all your bills ie your disposable income?

If this wasn’t done, you may have unknowingly over-committed yourself to a mortgage that you couldn’t afford.

 

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

 

Self Certification Mortgages

Were you asked to provide evidence of your income, for example, payslips or audited accounts that could prove your income?

If not, were you encouraged to take out what is known as a ‘Self Cert’ or ‘Fast Track’ mortgage, where you didn’t need to prove your income?

These mortgage products paid far higher commissions and were very popular among some brokers for that very reason.

If this applied to you, your mortgage may have been mis-sold.

 

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

 

Mortgages Running Past Retirement

Is your mortgage due to run past your retirement age? Was this pointed out to you?

Did your broker or lender discuss how you would meet your mortgage payments once you were retired? A good example of this would be if someone takes a mortgage out for 20 years at the age of 50.

The average age of retirement is at 65, which means there will be 5 years left to pay on the mortgage.

If at the time of agreement, the adviser didn’t take into consideration whether the customer could afford to make the payments after the age of 65, then the customer may have been mis-sold their mortgage.

 

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

 

High Broker Fees

Did you pay unreasonably high fees to the broker or advisor that arranged your mortgage?

Were you made aware what the fees would be?

Were they added to your mortgage without you knowing so that you’re now paying interest on them every month?

 

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

 

Mis-Sold Mortgages

Claim Now if any of the following apply to You:

  • The mortgage was not suitable for me
  • The adviser did not properly establish my attitude to risk.
  •  No fact finding was completed during the sales process and therefore the adviser did not have full knowledge of my/our financial situation.
  • Other options for repaying the mortgage, such as a repayment mortgage, were not discussed with me.
  • Your adviser did not discuss with me that I would only be paying interest on my mortgage each month or how I would repay my mortgage when it finished.
  • Your adviser did not give me examples of the cost of a capital and repayment mortgage compared to the lower costs of an interest only mortgage. It was also not explained to me that I may have to switch my mortgage to a repayment mortgage rather than relying on rising house price.
  • When remortgaging to consolidate my debts, I was not advised that it would be cheaper for me to put all of my loans, credit cards and finance onto my existing mortgage rather than remortgaging.
  • I was not advised that by remortgaging I was exchanging my short term debts for a long term debt by adding it to my mortgage. It was not explained to me that although I would be lowering my monthly outgoings initially, that I may be lengthening the term of my debt and vastly increasing the amount of interest that I would be paying.
  • Your adviser did not conduct an affordability assessment and therefore I may have unknowingly over committed myself to a mortgage I cannot afford.
  • When applying for my mortgage I was not asked to prove my income (known as self certification). Your adviser encouraged me to take out a ‘Self Cert’ or ‘Fast Track’ mortgage where I did not need to prove my income.
  • Your adviser did not discuss with me how I would meet my mortgage payments once I had retired.
  • I was sold a sub-prime mortgage (product only suitable to low credit scoring people) when there was nothing wrong with my credit history and I had never been refused credit before.

 

Act Now and Claim

If you have been a victim of mortgage mis-selling act now and instruct Barings Solicitors. We have an experienced team who have had repeated success in recovering compensation from brokers, lenders and independent financial advisors.

You won’t be ignored, we can check if you have a claim with an initial free consultation and offer a no win, no fee meaning you pay nothing unless your claim is successful.

To get started with your claim, get in touch today by calling our team on 0161 200 9960.

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