It is well documented that mortgage lending during the mid-2000s was “fast and loose” at best.
Many homeowners were sold unsuitable mortgage products, leaving them in a difficult financial position today.
In conjunction with our industry leading legal partners we have successfully challenged mis-sold mortgages and secured significant sums of money back for our clients.
FAQ’s On Mis Sold Interest Only Mortgages
How much can I claim?
Each case is individual; £100,000 is the maximum.
How can I tell if my mortgage was mis-sold? What you should I look for?
- Your mortgage is interest only or was when you originally took it out and you had no clear plan to repay the capital
- It has been running for at least 6 years
- The mortgage was arranged via a broker (rather than by a lender directly)
- It was arranged after October 2004
Type of mis-sold mortgage – where the mortgage broker advised the homeowner(s) to:
- Raise money against their home to fund an overseas property purchase
- Purchase their property via the Right To Buy Scheme where the broker used misleading information
- Take a mortgage where retirement date is before the interest only mortgage term ends
- Consolidate debt (loans, credit cards etc) by re-mortgaging their home
- Incur costly penalties (Early Redemption Charges) to re-mortgage
How long does a mis-sold mortgage case take to complete?
It depends. Simple cases can be resolved in 2-6 months, more complex cases can take 1-2 years.
I think my mortgage was mis-sold but I’ve re-mortgaged to another lender since, can I still claim if my mortgage was mis-sold?
I’ve sold my property but I think the old mortgage was mis-sold, can I still claim if my mortgage was mis-sold?
Is there are end date, like PPI?
Currently no. Though experience tells us that the more time that elapses the more difficult it can become to secure redress/compensation; if you believe your mortgage was mis-sold, you should look into this now.
What types of mortgages are excluded?
Generally mortgages completed before October 2004 are exempt for redress/compensation, as are buy to let mortgages.
How much does it cost?
A case review is £395. Here your lending documentation is retrieved and reviewed and advice provided. If you choose to take a mis-sold mortgage claim forward from there, the cost is 20%+VAT of any claim.