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HAS MIS-SELLING LEFT YOU WITH A FINANCIAL HEADACHE?

HAS MIS-SELLING LEFT YOU WITH A FINANCIAL HEADACHE?

If so, we can help.

AVH Legal investigates potential claims arising out of incorrect or inappropriate advice given by brokers and lenders to clients who feel they have been financially disadvantaged.

We have an experienced team of legal professionals who can help clients who think they may have been mis-sold a mortgage.

Call us on 0843 316 1614 to discuss your situation and we can advise if you have a right to claim compensation. Alternatively, please use the ‘Contact us’ panel opposite and we will call you back.

What is mortgage mis-selling?

Mortgage mis-selling is when a customer is wrongly advised when taking out a mortgage. Being wrongly advised means that the borrower was given unsuitable advice, the risks were not explained or they were not given the information they needed. 

Banks and intermediaries have a duty to provide responsible lending. Treating Customers Fairly (TCF) is a principle which underpins the sale of all financial products. The borrower must be sold to in a manner that is fair, clear and not misleading. 

The lender or adviser must recommend a mortgage product that is suitable for the borrower’s needs. They must clearly explain what it can and can’t do and they should make sure the borrower know the risks. If they don’t do this, there may be case for the borrower to claim compensation for being mis-sold their mortgage. 

How do you know if you have been mis-sold a mortgage? 

The list below outlines circumstances where a mortgage might have been mis-sold: 

  • If the borrower was advised to take a fixed rate or discount mortgage and told to just remortgage to a better deal at the end of the term
  • If the borrower was advised to remortgage to consolidate existing debts without being informed that the debt would be extended beyond the original loan period, with more interest being repaid over the longer term
  • If the borrower was sold an ‘interest only’ mortgage to keep the costs down when a ‘capital and interest’ was appropriate
  • If the borrower was wrongly recommended a sub-prime mortgage so that more interest is paid when the borrower has no previous credit problems
  • If the borrower was not properly assessed as to whether the mortgage is affordable if they are vulnerable or on low income
  • If the borrower was advised to switch lenders without being told about the penalties and fees
  • If the borrower was advised to self-certify (borrow money without proving income) or overstate their income in order to borrow more
  • If the mortgage end date is after the borrower’s retirement date
  • If the borrower was not told about the commission the adviser would receive from the lender.