What Can You Do If You’ve Been Mis-sold A Mortgage?

Many of us put our faith in financial advisors as a lot of the jargon just goes straight over our heads. However, recent reports have shown that many financial advisors take advantage of this fact and in this current financial climate we are relying more and more on finance experts to advise us on what is best regarding our money. In fact a recent investigation found that only four out of fifty mortgage advisors were actually offering adequate advice to consumers. This is a frightening statistic especially when you consider that mortgages are often huge regular payments and very important. After all, a mortgage is paying for the roof over your head and without it you are helpless and vulnerable.

It has got so bad that in 2008 the FSA (Financial Services Authority) announced that they were concerned about mis-sold mortgages and that they were planning on launching an investigation. The investigation showed that people on benefits and people who are unable to work have been given mortgages that really were unrealistic and doomed from day one. The problem is that bad financial advice is encouraging people to borrow more money than they would ever be able to pay back. There has been a massive influx in people unknowingly being mis-sold financial products such as mortgages which has lead to people getting into difficulties with money and even losing their homes.

Many firms and brokers have now been fined for failing to give suitable advice to consumers and not doing their jobs properly. But what happens if you are currently suffering from a mis-sold mortgage? Legally you may have grounds for redress and you may be able to make a claim for compensation against the bank or the broker. If you feel that you are one of the unfortunate group of people who have been mis-sold a mortgage unknowingly then it is essential for you to get in contact with a specialist solicitor who will be able to assess your case for you and help you to reclaim the money that is rightfully yours.

There is a range of situations in which you may make a compensation claim. For example, it may be that you were sold a mortgage while you were on benefits and there is no way that you will be able to keep up with the monthly repayments, it may be that the mortgage runs past retirement age or that your overall situation was wrongly assessed by an advisor and now the mortgage that you have been sold is not suitable. The list could go on forever but if you are in any doubt you must contact a specialist solicitor who will be able to make things clearer for you and maybe even get you some money back for your unfair treatment.