Mis-sold a mortgage??

Over the past five years there have been millions of complaints logged about the mis-selling of endowment mortgages in the UK. An endowment mortgage is a mixture of an interest only mortgage and an investment policy. Normally the borrower will pay back the interest on the mortgage throughout the 20/25year term and pay monthly into the endowment policy, which is suppose to pay the mortgage off by the end of the term. However many people were not made aware of the disadvantages to this as the mortgage could fall short.

If you had happened to take out a mortgage and not made aware of something that you did not know when you first took out the mortgage, you could have been mis-sold the mortgage.
Listed below are a number of common reasons for complaint for mis-sold mortgages

• You were sold a mortgage while you were on benefits.
• You were not properly assessed to check that you could afford the monthly payments.
• The mortgage runs past retirement age.
• Your situation was wrongly assessed.
• You were advised to switch to another lender without being told of all the fees and penalty charges that would actually make you worse off.
• The commission paid to the broker by the lender was not explained to you.
• You were a council tenant who was advised to buy your council house without the lender undertaking an adequate assessment of your financial situation.
• You were advised to take out a self-certification (self-cert) mortgage even though you are not self-employed, so that you could borrow more.
• You had to pay the broker a separate fee which was a percentage of the loan.
• Your mortgage was within sub-prime borrowing or fell under adverse credit.
• Your mortgage is an endowment mortgage and you were not warned of the risks involved, how your premiums would be invested and advised that it was a long-term investment vehicle.