Posts archived in mis-sold mortgages

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April 8, 2011

How Do You Deal With Mis-Sold Mortgages

A mis-sold mortgage is one that is sold to home buyers which do not meet their requirements or is inappropriate for their financial capacity. In this end, home owners may find difficulty in paying out their monthly amortizations. This would often lead to people getting into financial difficulties and even losing their homes.

The Financial Services Authority (FSA) has expressed concern over mis-sold mortgage cases in UK. It has done its best efforts to stop the occurrence of mis-selling. It has fined many banks and mortgage brokers for not treating customer fairly. It’s quite alarming how mis-selling becomes more prevalent over the last years. And unfortunately, mis-sold mortgage incidents are still happening up until now.

Mis-sold mortgages often result from mortgage brokers’ and lenders’ rising greed in increasing their market share. These lenders often give bad financial advice and encourage people to borrow more than they should. It has indeed affected thousands of borrowers. No one wants to enter into something that could lead us into financial troubles and eventually lose our homes.

Just in case you feel and believe you have been missold a mortgage because you received inadequate advice or were allowed to borrow more than you should, don’t hesitate to seek advice on making a compensation claim.

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April 7, 2011

How To Know If You’ve Been Mis Sold Mortgages

As a person we are often faced with challenges in our life. We need to provide for our family and for ourselves. There comes a time in our lives that we make very tough decisions and one of this is when taking a loan or mortgages. There are many banks and credit companies out there making a loan or a mortgage is not that hard but the decision of who take a loan from is the difficult part.

We need to choose prudently to prevent being mis sold mortgages and/or mis sold PPI. In the past years we have been experiencing a heightened protection from mis sold mortgages and mis sold PPI but this doesn’t mean that we have to be complaisant. Knowing in the first place and being alert when making a loan or a mortgage could save you your financial stability and your home. What are the tells of a mis sold mortgage?

è The broker advises you to exaggerate your monthly income

è The broker doesn’t check if you could really afford the mortgage.

è The broker takes you past your retirement age.

è You were not told what would happen to the monthly repayments if the interest rates would change.

è You were not provided with all the details about the mortgage.

You should look out for all these tells and prevent yourself from being a victim of mis sold mortgages and prevent losing your home.

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March 3, 2011

Mis-Sold Mortgages Sales

It is really hard for a person to sustain their regular monthly repayments if they were a victim of mis-sold mortgages cases before. A lot of such cases are really due to the greediness and negligence of the financial institutions as well as the sales agents and brokers that are linked to them. Often times, the agents and the brokers are trying to get close to their clients so that they could simply convince them to change their regular monthly incomes on their mortgage application forms in order to pull out a higher loan. The agents and the brokers actually want their clients to have a higher mortgage loan simply because that is a great opportunity for them to earn a higher commission from the high loan which they closed. A high cost loan deal is equivalent to higher commission for the brokers and agents from the financial institutions were they work.

They mortgage agents does not really care if you will have difficulties paying the monthly interest in the future. They are not really concern about your situations in the upcoming future. These mis-sold mortgages are very high nowadays, so don’t be a victim with this kind of scam. Be aware and avoid the mis-selling practices that are being spread by the irresponsible and negligent brokers. Think of your future. Prevent the occurrence of this kind of scam to you and your loved ones. Report the irresponsible brokers to the proper and right authorities.

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January 6, 2011

Mis-sold Mortgage Cases And Bad Credit Advice

Mis-sold mortgages in the UK have been happening for a number of reasons.  At long last, the Financial Services Authority have shown their concern about the increasing number of mis-sold mortgage complaints and launched an investigation regarding this matter.  One of these reasons they found out was mortgage brokers or advisers gave bad credit advice to their clients.  Most of the clients were not informed or aware of the other charges in their mortgage loan which we know as hidden charges.

Most of the documents were forged by the brokers and were presented to the lenders to be able to obtain a higher amount of mortgage loan for their clients.  The brokers also did not assess the client’s current situation before applying for the mortgage loan.  Obviously, the higher the loan they arranged for their clients, the higher the commission they get; and the more loans they sold, the more commission they get as well.

These brokers who were selling these mortgages were not concern about the future of their clients.  They were more concern on how much money they could get at the end of the day.  Most these brokers were already fined by the Financial Services Authority but a lot of them still continue to mis-sell a mortgage thinking that they will only be fined with a small amount.  The risk was worth it because the fines were only at a minimum amount and the rewards for mis-selling a mortgage is far greater.  There is no wonder why there are still a lot of financial institutions carrying out this practice today.