The New Ticking Time Bomb!
Have you had an INTEREST ONLY mortgage?
You could be owed thousands in compensation!
Across the UK 1.9 Million people have been led into an Interest Only Mortgage.
If you have been sold a mortgage after the 31st October 2004 either directly with a lender or through a broker there is a possibility that the Mortgage may have been mis-sold. The rules governing the sale of mortgages state that lenders and brokers must ensure that the mortgage is affordable, not only at the time of sale, but throughout the whole term of the mortgage, even if that means into retirement.
“We’ve definitely got an interest only mortgage ticking time bomb scenario,” says Adrian Anderson, mortgage broker at Anderson Harris. “Lots of people in the past took out interest only mortgages at much higher loan-to-value ratios than would now be granted, and people took them out without thinking about how they would pay them off.”
If it can be established that the mortgage was mis-sold, then you may be able to claim for losses from the start of the mortgage through to the full term of the mortgage, with some claims in excess of £140,000.00!
If it can be established that the mortgage was mis-sold, then you may be able to claim for losses from the start of the mortgage through to the full term of the mortgage.
Could you be owed thousands in compensation?
What information do you need to establish if the mortgage has been mis-sold?
To find out if you have been mis-sold you will only need 3 things, these are:
The name of your mortgage provider
The date the mortgage commenced, and
The mortgage account number
You can still claim if:
- The company or adviser who sold you the mortgage are not trading anymore: it may still be possible to make a claim against the Financial Services Compensation Scheme (FSCS).
You don’t currently own the property that was mortgaged
You had a joint account with someone you no longer live with; each person may be entitled to compensation.
How can you claim?
In most cases, it is difficult to know whether your mortgage was mis-sold to you. That is why Mortgage.Claims are here to help you determine whether you are entitled to compensation. We offer a free and friendly service to walk you through the whole claims process with piece of mind. We will assess whether you have a potential claim, and how much compensation you may be entitled to. Should you then choose to pursue your claim (and you are under no obligation to do so), we will then pass your case to one of our panel of solicitors who specialise in mortgage compensation cases, who operate on a ‘No Win No Fee basis’*.
If you think your mortgage may have been mis-sold to you, or you simply want to see whether we can help, please fill in our simple online form. We will be able to tell you instantly if we think you have a potential claim to investigate.
*Cancellation fees may apply once legal work has started on the case.