Mortgage mis-selling – reasons to have a claim

Solicitors in Portsmouth

You might not understand it before it is too late, but your mortgage may have been mis-sold to you for many reasons. If you think your mortgage is inappropriate for your circumstances or you are unsure of the risks involved, you may be eligible to apply for a compensation claim.

Andrew & Andrew mortgage mis-selling solicitors in Portsmouth can give you advice about mis-sold compensation mortgage claims and represent you, if needs be. We employ a ‘no win, no fee policy. This means that anyone can use our services. It also means that we can make sure that you do not have to pay any expenses as we work through your case. If your claim does not bear fruit, there is nothing you need pay us.

Grounds for application

The Financial Service Authority (FSA) states that the mis-selling of mortgages happens when there has been muddled information, or not enough information. Some of the most common grounds for making a mis-sold mortgage compensation claim include:

  • not complying with the FSA Guidelines
  • failure to fully explain any penalties, commissions or charges
  • not explaining what happens at the end of an interest only loan
  • failure to include key information in a document
  • unsuitable mortgage for someone’s financial circumstances
  • not discussing alternative ways of borrowing money
  • failure to find the borrower’s full details.

If you think that any of the above apply to your case, you should inform our solicitors in Portsmouth.

What does the claim procedure entail?

Andrew & Andrew solicitors in Portsmouth will help you establish whether you are eligible for making a mis-sold mortgage compensation claim. If that’s the case, we will help you prepare a complaint letter to the seller. This letter should include as much information as possible on the reasons for your claim. The mortgage sellers can choose between two options – either accept liability and compensate you or reject your complaint and deny responsibility. If the compensation is not enough or they refuse compensation, you can apply to the Financial Ombudsman Service (FOS) for a review. If the provider of your mortgage is not in trade, you can still apply for a compensation claim through the Financial Services Compensation Scheme, a ‘fund of last resort’.