Mis sold mortgages come from a scenario wherein a mortgage was sold by giving the buyer inaccurate information. Certainly this is caused by the broker's greed to gain a large commission by victimizing innocent individuals whose only desire is to have a property of their own.
As it was observed that a large number of property owners were complaining about mis selling the Financial Service Authority (FSA) carried out more stringent rules on November 2008 to be able to fix the issue.
Evidently, in spite of the implementation by the FSA not all mortgage brokers took heed in following it. The most common scam committed was totally disregarding the capacity of the client to pay the mortgage in the long run. An example is giving the client a mortgage which is payable in 20 years when he is already 50 years of age. Should the rules of the FSA be followed, the broker should inform the client the possibility on how he should settle the mortgage after he reach his retirement age of 65.
Another possible shortcoming that can prove mis sold mortgages is the inability of the broker to ask for a proof of income of the buyer. Since this is one of the requirements to secure a mortgage there is a probability that it was either forged by the broker for the purpose of closing the deal as well as to acquire a higher mortgage rate.
Further, for instance that the buyer opted to have a fixed interest rate on his mortgage for a given period of time it will eventually commenced into variable rates which means that the amount of rate will increase than his usual payment. In this regard, the broker should have informed him of such possibility as well as helped him assess his financial situation of how he can cope in paying his obligation.
From any given condition that the inappropriate actuations of the broker relates to your situation then it is definite that you are among the many who has been a victim of mis sold mortgages. Consequently, it's the legal right of any consumer to have this resolved most importantly in case your property is on the verge of repossession.
In order to redress the matter of mis sold mortgages, it is advantageous if the buyer seeks the assistance of a legal consultant because they are far more experience in working different kinds of mortgage issues. Thankfully, there are also several legal advisors that offer their services on a "no win no pay" basis.
Evidently, all buyers who have been victims of mis sold mortgages should claim back what is supposed to be theirs in the first place. With the help of the Financial Ombudsman Service (FOS) and through the assistance of your legal adviser there is still a possibility to take you out of that undesirable situation and hopefully retrieve a compensatory interest for the misleading information you received from your unreliable and greedy mortgage broker.
As it was observed that a large number of property owners were complaining about mis selling the Financial Service Authority (FSA) carried out more stringent rules on November 2008 to be able to fix the issue.
Evidently, in spite of the implementation by the FSA not all mortgage brokers took heed in following it. The most common scam committed was totally disregarding the capacity of the client to pay the mortgage in the long run. An example is giving the client a mortgage which is payable in 20 years when he is already 50 years of age. Should the rules of the FSA be followed, the broker should inform the client the possibility on how he should settle the mortgage after he reach his retirement age of 65.
Another possible shortcoming that can prove mis sold mortgages is the inability of the broker to ask for a proof of income of the buyer. Since this is one of the requirements to secure a mortgage there is a probability that it was either forged by the broker for the purpose of closing the deal as well as to acquire a higher mortgage rate.
Further, for instance that the buyer opted to have a fixed interest rate on his mortgage for a given period of time it will eventually commenced into variable rates which means that the amount of rate will increase than his usual payment. In this regard, the broker should have informed him of such possibility as well as helped him assess his financial situation of how he can cope in paying his obligation.
From any given condition that the inappropriate actuations of the broker relates to your situation then it is definite that you are among the many who has been a victim of mis sold mortgages. Consequently, it's the legal right of any consumer to have this resolved most importantly in case your property is on the verge of repossession.
In order to redress the matter of mis sold mortgages, it is advantageous if the buyer seeks the assistance of a legal consultant because they are far more experience in working different kinds of mortgage issues. Thankfully, there are also several legal advisors that offer their services on a "no win no pay" basis.
Evidently, all buyers who have been victims of mis sold mortgages should claim back what is supposed to be theirs in the first place. With the help of the Financial Ombudsman Service (FOS) and through the assistance of your legal adviser there is still a possibility to take you out of that undesirable situation and hopefully retrieve a compensatory interest for the misleading information you received from your unreliable and greedy mortgage broker.
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Looking for a mortgage company to help you in mis sold mortgages in UK, then have a look at www.mis-sold-mortgages-uk.co.uk
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