Increase In The Number Of Mis Sold Platform Mortgages February 26th, 2014

In the current economic scenario, there are many people who increasingly look for different types of loans and mortgages.

There are many mortgage companies that make it easier for the customers to get a loan on mortgage as and when they require. This in turn, can help them in difficulty. Among the different mortgage loan providers, Platform is one of them. It is the intermediary lender of the Co-operative bank and there are many professional mortgagers working in this company. However, there are many customers who have faced the situation of Mis sold Platform mortgage.

The missold mortgages are growing in number and there are many people who have suffered lately from the situation of misspelling of mortgages. It has been seen that either the professional advisers provide false information to the customers or these mortgage companies overcharge their customers on several grounds. Platform Mortgage Company is also one of them. This in turn, resulted in Mis sold Platform mortgage. Considering these circumstances, the Financial Services Authority created a code of mortgage in order to regulate and control the sale of mortgages. It was expected that this new law would certainly decrease the incident of misspelling to a great extent. However, this was not the case.

Despite the tough law created by the Financial Services Authority in the control of Mis sold Platform mortgage, the brokers and the mortgage companies continued to hand their customer’s different missold mortgages. As a result, these customers faced several dire consequences. In fact, with complete lack of knowledge the customers fell into trap. People were forced to over-inflate their income or in some cases their income was also estimated in-adequately. The people who were mis-sold were not even informed that they were not capable of making the required payment. At the same time, several added finances like credit card, unpaid loans etc. were also added to the mortgage.

In fact, apart from Platform, there were several other similar banks that missold the mortgages. Financial Services Authority has certainly taken action against these banks and financial institutions for misguiding their customers and pressurizing to go for misspelling mortgages. They have also been warned and action would be taken against them in case of further misspelling. Therefore, if you are a victim of Mis sold Platform mortgage, make sure that you inform about it so that sufficient action is taken against the bank and lendfing authority.