A mortgage is the largest and most important piece of debt that the majority of people and families will ever take on and we rely on banks, lenders, and brokers to provide us with accurate information so that we can make an informed and proper decision. Unfortunately, this isn’t always the case and there are an increasing number of instances where mis sold mortgages have cost homeowners thousands of pounds in over payments and other problems. As well as the mortgage itself there is also the possibility of Mortgage Payment Protection Insurance (MPPI) compensation for MPPI that was mis sold.
Mortgage Advisers
Very few of us have a clear understanding of exactly how the mortgage lending industry works and this is why we have to rely on mortgage advisers to provide us with honest and accurate information. If you were not provided with this then it may be that you have fallen foul of one of the thousands of mis sold mortgages that homeowners have. Fortunately, with professional help, you could reclaim thousands or even tens of thousands of pounds in compensation for this error.
Debt Consolidation
Mortgage advisers may try to persuade borrowers that they should consolidate debts into their mortgage because of the low rate of interest that this offers. However, spreading the cost of unsecured debts over 20 or 25 years may in fact mean that you repaid more than you would have paid otherwise. If you were advised to do this you may be entitled to compensation.
Self Certification Mortgage Calculations
Self certification mortgages are most commonly used by the self employed who are unable to provide regular pay slips. If you took out a self certification mortgage and were encouraged to inflate your earnings or your earnings were calculated incorrectly then you may have been missold your mortgage.
Monthly Repayment Figures
Monthly mortgage repayments typically represent the largest or one of the largest monthly outgoings that you will have. Your mortgage adviser should have discussed the size of your repayments and determined whether you were able to make the repayments that would be demanded; if not you may be able to claim compensation.
