Jan/100
So how do you go about making a claim?
Recently several struggling home owners have made successful claims against their lender or broker after they were able to prove that their mortgage was mis-sold to them. In each of the instances they have been able to reclaim the money that they were in arrears by and additional costs, as they were able to prove that they should not have been advised to take out the mortgage in the first instance.
Identifying that a mortgage has been mis-sold can be difficult, but the successful home owners so far have been able to prove in each of the incidents that the advice offered to them was proven not to have been “suitable for that consumer”, and records were not made or retained – and this breaks FSA rules.
In the last financial year alone the FOS received more than 7,000 mortgage complaints from consumers (excluding mortgage endowment complaints), and currently upholds 41% of all mortgage complaints.
Stephen Dargavel, director of Badlender.co.uk said: “The justice that some recent home owners have gained by challenging their lenders and brokers should serve as a warning sign. It should also act as a beacon of hope for those who genuinely believe that they may have been mis-sold a mortgage. There is something that can be done, and people do not need to suffer in silence.”
However, taking cases to a broker/lender or the FOS can be a complicated process, and consumers will need all relevant documentation to support any mis-selling complaint that they want to put forward.
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