It is every person's wish to have a house of their own. Unfortunately this noble dream was used by some unscrupulous mortgage brokers to take advantage of the situation for their own benefit to earn commission and have mis sold mortgages to most of the aspiring home owners. This means that several factors have been intentionally disregarded or clients have been misled by mortgage broker companies to make them enter into a contract that are not suited for them resulting in repossession of the property in the long run due to incapacity of the house owners to pay.
Thankfully, the Financial Ombudsman Authority (FOA) can be contacted if you feel that you fall on the category of mis sold mortgages with your property employing the foundation of the Financial Service Authority (FSA) rulebook designed for mortgage advisers, Mortgage and Home Finance: Conduct of Business (MCOB). Appropriately mortgage companies must conform to section 4.7 which says that they should provide sensible advise "suitable for that customer" and that advisers "must make and retain a record" of it being suitable. Failure of the mortgage advisers to do this and results in a loss on the property on the part of the customer is actionable based on section 150 of the Financial Services and Markets Act 200.
Just how will a home owner recognize that they fall on the category of mis sold mortgages? First is to consider the previous transaction made by you and your broker. Were you made conscious of what you will be paying and if you can actually pay the loan or not? Most particularly, during the deal did the broker basically assess your own financial capacity? In reality there are instances wherein the brokers propose the would-be property owners to avail self certification or fast-tracked mortgages. This means that verification of income will depend on the particular lender's discretion.
Another ground that a home owner can use for proving that their property was mis sold is that the mortgage of their property runs past their retirement age. If this is the case, did your broker give you advice on how you can still pay if you are no longer receiving a regular income and will just live on your pension. Were you also informed that the mortgage payment you are settling is on interest only? This means that all the cash you are paying only settles the interest of the mortgage and does not lessen any of the capital amounts of the property.
The above mentioned points are only some of the common issues received by the FOS regarding mis sold mortgages of most home owners in UK. Of course it is most likely that mortgage companies will deny their shortcomings. For this reason it is advisable to hire a solicitor to assist you with your predicament and present and review your case with the Financial Ombudsman Service. If your case is decided in your favor the mortgage will be demanded to pay you compensation for the trouble they have caused.
Thankfully, the Financial Ombudsman Authority (FOA) can be contacted if you feel that you fall on the category of mis sold mortgages with your property employing the foundation of the Financial Service Authority (FSA) rulebook designed for mortgage advisers, Mortgage and Home Finance: Conduct of Business (MCOB). Appropriately mortgage companies must conform to section 4.7 which says that they should provide sensible advise "suitable for that customer" and that advisers "must make and retain a record" of it being suitable. Failure of the mortgage advisers to do this and results in a loss on the property on the part of the customer is actionable based on section 150 of the Financial Services and Markets Act 200.
Just how will a home owner recognize that they fall on the category of mis sold mortgages? First is to consider the previous transaction made by you and your broker. Were you made conscious of what you will be paying and if you can actually pay the loan or not? Most particularly, during the deal did the broker basically assess your own financial capacity? In reality there are instances wherein the brokers propose the would-be property owners to avail self certification or fast-tracked mortgages. This means that verification of income will depend on the particular lender's discretion.
Another ground that a home owner can use for proving that their property was mis sold is that the mortgage of their property runs past their retirement age. If this is the case, did your broker give you advice on how you can still pay if you are no longer receiving a regular income and will just live on your pension. Were you also informed that the mortgage payment you are settling is on interest only? This means that all the cash you are paying only settles the interest of the mortgage and does not lessen any of the capital amounts of the property.
The above mentioned points are only some of the common issues received by the FOS regarding mis sold mortgages of most home owners in UK. Of course it is most likely that mortgage companies will deny their shortcomings. For this reason it is advisable to hire a solicitor to assist you with your predicament and present and review your case with the Financial Ombudsman Service. If your case is decided in your favor the mortgage will be demanded to pay you compensation for the trouble they have caused.
About the Author:
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
Nenhum comentário:
Postar um comentário