Have I been mis-sold a mortgage?
On 1st November 2004 the FSA took over responsibility for the regulation of mortgage lending and advice in England & Wales, introducing a new set of rules for lenders and brokers, the rules governing the sale of mortgages state that 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.
It is estimated that 1.9 million people have been mis-sold an Interest Only Mortgage and were given bad advice from a Broker. A Broker's failure to comply with high level principles and MCOB rules means regulatory action could potentially be taken against them under the FSA Services and Markets Act.
It has been found that many advisers and lenders are not following the rules and mis-selling Interest Only Mortgages. If you were sold an Interest Only Mortgage after October 2004, there is a strong possibility you could have suffered from your mortgage being mis-sold to you.
What should I do next?
Do you have an Interest Only Mortgage and at least one of the following:
•
The mortgage began after 31st October 2004?
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The mortgage was on the house you lived in?
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Taken your mortgage in England or Wales?
AND at least one of the following:
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The mortgage payments are "Interest only"?
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It may be a self-certified Interest Only Mortgage?
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Does the mortgage end after retirement age?
•
Was there debt consolidation?
If so, fill out the form at the top of this page now to find out if you qualify.
