Mortgage Mis-Selling Claim Solicitors - Mis-Sold Compensation

SOLICITORS HELPLINE: ☎ 0344 414 0017

Our mortgage mis-selling solicitors solicitors provide advice and representation on mis-sold mortgage compensation claims. We use the no win no fee scheme to ensure that there is no risk and we guarantee that there are no expenses to pay as the claim proceeds. If the mis-selling complaint is unsuccessful you do not have to pay us anything at all. Our clients never pay any charges unless the claim is settled successfully. We offer the opportunity to discuss your claim with an expert at no charge and with no further obligation and if you decide to proceed no further then you do not pay for our advice. If you would like to take advantage of our litigation experts, who will give free advice on mis-sold mortgage compensation claims just use the helpline or email our offices and a qualified solicitor will phone you as soon as possible.

Grounds for Application

The Financial Service Authority (FSA) has made it clear that mis-selling of mortgages occurs as a result of confusing or inadequate communication. The FSA has the put responsibility on the financial product salesman who must pay compensation for any losses once mis-selling has been proved. There are a number of grounds for making a mis-sold mortgage compensation claim including :-

  • Mortgage seller failed to comply with the FSA Guidelines.
  • Failure to fully explain all charges, commissions and penalties.
  • Failing to properly explain the end result of an interest only loan.
  • Failure to put all of the information in writing in a 'key facts; document.
  • Unfulfilled guarantees that the mortgage would be paid off at a specific date.
  • The mortgage was not suitable based on your financial circumstances at the time.
  • Failure to discuss other methods of borrowing money or alternative mortgage products.
  • Failure to properly check income levels were sufficient to fund all payments in retirement.
  • Failure to do a 'fact find' and establish the borrowers full details and attitude to debt secured on property.

Any adviser who suggested that you cancel an existing mortgage and refinanced with a new mortgage rather than extending the original mortgage may be guilty of 'churning' which is against the FSA guidelines because the salesman often obtains generous commission at the expense of the borrower who may suffer loses as a result of early cancellation of an existing mortgage.

The grounds outlined above are not exhaustive and there are many other reasons why a mortgage may be deemed to have been mis-sold.

Claim Procedure

The procedure to make a mis-sold mortgage claim is as follows. You should make a complaint to the seller in the form of a written letter which states as much information as possible including the grounds upon which you are able to make a claim. The sellers of the mortgage will then consider the complaint and decide what action to take; either they will compensate you and accept liability for what happened or they will reject the complaint and deny responsibility for the problem. When liability is disputed in this way or when the compensation they offer does not satisfy you, the claim can be referred to the Financial Ombudsman Service (FOS) for a review. When the policy seller is no longer trading or has gone bankrupt an application for compensation can still be made to the Financial Services Compensation Scheme, which is a 'fund of last resort'. Whilst the FOS decision is binding on the seller of the morgage, it is not binding on you. If the FOS outcome is not to your liking you may then take legal action in a court of law.

Financial Ombudsman Service

The Financial Ombudsman Service (FOS) provides consumers with an independent service for resolving mortgage mis-selling claims. The service which is not a government body, receives no government funding and is paid for by a levy on financial firms. The Financial Ombudsman Service (FOS) operates under criteria which guarantees independence from those whom they have the power to investigate; effectiveness; fairness and public accountability. An initial application for compensation can be made to the Financial Ombudsman Service (FOS) however their decision is only binding on the mortgage seller and not on you as a customer. Only when you accept their decision does it become legally binding, but until then you have a choice. If you do not feel satisfied with their judgement you can then take legal action in the courts to settle your case and recover compensation.

    Financial Ombudsman Service
    South Quay Plaza
    183 Marsh Wall
    E14 9SR

Mis-selling Mortgage Solicitors

Our mortgage miss-selling solicitors deal with compensation claims for investment bonds, mortgages and pensions. Why not get expert support to improve your chances of securing the maximum compensation you deserve using our no win no fee* service? We call upon experienced lawyers, accountants and actuaries to assist our claims team and can advise at an early stage on the prospects of recovery of compensation. If you would like free advice on our no win no fee* compensation scheme just complete and send the contact form or call the helpline and an experienced financial claims adviser will discuss your potential claim at no cost and with no further obligation.

SOLICITORS HELPLINE: ☎ 0344 414 0017

*legal information

Claims for compensation for financial products can be made directly to the Financial Ombudsman Service or to the Pensions Ombudsman and no fee is payable.
You do not have to instruct a solicitor to represent you and if there are no complicated issues it may be to your advantage to claim directly.