What you need to know regarding mis-sold mortgage that you need stay away from:

1. Endowment policies - savings plan involving regular payments with interest-only mortgages, when the endowment policy ends it promises a certain sum of money that you can use to pay off your capital amount of your mortgage.
2. Interest Only Mortgages – a very encouraging type of mortgage that attracts its customers by having a very significantly low monthly repayment not knowingly it’s only the interest that you have been paying monthly not the capital and a large final payment at the end.
3. Fast-track or self-certification mortgages – this type of mortgage can easily be granted without the need to provide evidence of your income, normally brokers are paid high commissions and this can be the reason why mis-selling is viable.
4. Broker Fees – this are commissions given to brokers who introduced you to the mortgage lender or Mortgage Company. This is usually an agreement between the lender and the broker wherein they take out a percentage of the loan from your mortgage converting it as fees which means you have been paying interests without your knowledge.
5. Mortgage beyond retirement age – it occurs when you took out a mortgage which is due even after your retirement date, this means you will be doing repayments on the mortgage even after your retirement, this can be financially burdening knowing that after retirement you won’t be receiving a regular wage. This should be discussed with you in transparency before taking out the mortgage to make sure you can meet the required repayments even after retirement.
6. Remortgaging to Clear or Consolidate Debts – this occurs when your broker advises you to put all your loans, credit cards onto your mortgage in order to clear all your debts.

Those mentioned above are examples are helpful hints to give you the common scenarios and situation when a mortgage mis-selling may occur. If you have experience any of the above examples, gather all the information regarding your mortgage and get in touch with our team of claim experts so we can look into this for you and build a strong compelling case for a mis-sold mortgage compensation.