Start Your Compensation Claim from Your Mis-sold M

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By : Ernust Ambirs
Submitted 2011-03-11 08:32:01 The challenge of mis-sold mortgages has affected a large number of homeowners and property owners in the United Kingdom. The said mis-sold mortgages have already been distributed by greedy and irresponsible lenders together with their mortgage brokers. Because of this,[link widoczny dla zalogowanych], the Financial Services Authority (FSA) revealed their concern with the growing number of mis-sold mortgages cases and released set of rules to manage mortgage selling and mortgage brokers and lenders. The FSA fined numerous banking companies and also the lenders and their brokers who violated the said regulation and for treating their clients unfairly.
There are numerous ways where in mis-sold mortgages practice can take place. For example, a self-employed applicant was advised for self certification application for their loan and this is may not be right. If the mortgage broker or lender manipulates their customers to declare an inflated monthly income, this can be categorized as one of the mis-sold mortgages practice.
After giving all the personal data, broker should show a selection of products that suits the applicants circumstances and needs, unless it was clearly stated that just one was offered. The correct information of the clients must be filed in a fact find document for future references of both parties. All the clients?documents must be retained by the mortgage broker,[link widoczny dla zalogowanych], if not this can be categorized as mis-sold mortgages practice and a distinct breach of Mortgage Conduct of Business Rules.
The most common area of mis-sold mortgages is when you are asked to create a self certification of your mortgage application but was jobless throughout the application. These are known as self certified mortgages and so are already been banned by the FSA because a lot of mortgage brokers and lenders took advantage of this type of mortgage application.
In case a client was offered interest only mortgage beyond their retirement age without looking at the future consequences of repayment,[link widoczny dla zalogowanych], then this is another issue of mis-sold mortgages practice. The mortgage brokers and lenders need to look after the welfare of their clients and not after the commission (for the brokers) and profit (for the lender) that they'll get from a mortgage product. They have to make sure that the plan and advice they offer for their customers are the most appropriate for them and the most affordable for them to prevent mis-sold mortgages complaints.
If you think you have been one of many victims of mis-sold mortgages in the United Kingdom, you may be able to claim back compensation for being treated unfairly by your mortgage lender or broker. You may be also to save your home from having taken back by your lender if you will do the best move. You may take your complaint to the Financial Ombudsman Service or seek the help of a specialist solicitor in this field.