How can I tell if my mortgage was mis sold in any way? February 27th, 2014

There is no hard and fast rule that means your mortgage was mis sold.  However since 31st October 2004 the Financial Services Authority (FSA) has regulated all mortgage advice given by both lenders and mortgage brokers.

The rules are set down in a document know as Mortgage Code of Business(MCOB).  This is a very lengthy and complex document which is not written for the general public.

Since 2004 a number of lenders and mortgage brokers have not complied with the rules set down and customers have been left in situations that were beyond there control and are now in difficulties for a variety of reasons.

If you have a mortgage that finishes after your normal retirement age and have no way of repaying the mortgage into retirement then you may have a claim.

Quite often mortgages were arranged on an interest only basis with no means of repaying the capital at the end of the term without any regard to this.  Clients were often encouraged to add all there unsecured debts to the mortgage to keep payments low.

Mortgage brokers were paid large amounts of commission by lenders in order to provide them with business and more often than not also charge the customer a broker fee on top.  It was not unusual for a broker to earn £3000 upwards for arranging a £100,000 mortgage.

If you want to find out if your mortgage was mis sold then please complete our online form or call us on 01244 683222.