We are currently processing claims with compensation values ranging from £18,000 - £325,000
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If you have been sold a mortgage after the 31st October 2004 through a broker there is a real possibility that the Mortgage has been mis-sold.
The rules governing the sale of mortgages state that the lenders and brokers must ensure that the mortgage is affordable not only at the time of sale but throughout the whole term of the mortgage, even if that means into retirement.
If it can be established that the mortgage was mis-sold then you may have a claim for losses from the start of the mortgage to date, and through to the full term of the mortgage.
There are many ways in which a mortgage may have been mis-sold, including:
- Interest-only mortgages: These seem to be the cheaper option in the short-term, however, in the long run, you will end up paying significantly more. Your broker should have explained this to you and given examples of the cost of an Interest only mortgage vs a Capital Repayment mortgage and explained that you may have to switch your mortgage to a Capital Repayment mortgage at some point.
- Self-Certification: You could have been encouraged to take out a self-certified or fast-track mortgage, when this may not have been the best option for you financially, as this was popular with brokers due to their high commission.
- Debt consolidation: If you’ve been advised to move all your unsecured loans onto your mortgage, but weren’t informed that although your monthly outgoings would initially be lower you would be extending the length of your debt and increasing the interest.
- Your mortgage post-retirement: Is your mortgage going to run past your retirement age? Do you know how you will make the repayments?
- Subprime mortgages: These types of mortgages are recommended for borrowers with poor credit history, CCJ’s or low credit score. These usually cost more than typical mortgages in both fees and interest charges. If you were advised to purchase one of these even though your credit rating was fine, you could claim.
What we need to establish if the mortgage has been mis-sold
- the name of your mortgage provider
- the date it was started
You can still claim if:
- The company or adviser who sold you the mortgage isn’t trading anymore: it may still be possible to make a claim against the Financial Services Compensation Scheme (FSCS).
- You don’t currently own the property that was mortgaged
- You had a joint account with someone you no longer live with, each person may be entitled to compensation.
How to Claim
For a lay person, it is almost impossible for you to know whether you may have been mis-sold a mortgage. We are here to help and we offer a free, no obligation initial consultation to walk you through the whole process without any legal jargon and assess whether you have a potential claim.
Claim Your Mortgage - Helping you reclaim what's rightfully yours
Claim Your Mortgage is a trading style of Pure Claims Limited. Pure Claims Limited is authorised and regulated by the Claims Management Regulator (CRM41735). Its registered address is Pure House, Building 9, Kings Business Park, Kings Drive, Prescot, Merseyside, L34 1PJ Registered in England and Wales Company Number: 09587752