What Can Cause Mis-Sold Mortgages?

What Can Cause Mis-Sold Mortgages?

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The possibilities of you being mis-sold a mortgage scheme are slim, however it should be a situation that you prepare for. In most cases, mis-sold mortgages are accidental, however it is always best to know what can cause it so that if you are to find yourself in the situation where you believe your mortgage isn’t actually right for you, you have an idea of what you can backtrack on in the hopes of discovering the reasons. Below are various reasons as to why you could have been subject to this form of mis-selling.

Mis-Calculation

It sounds so simple because it is. When you meet with an advisor and set up your mortgage, it is possible that some of your fees can be miscalculated. This can cause a knock-on effect into your payments and you can discover that the mortgage payments are different from what was originally agreed. If you are paying for something that you were not originally aware of or that isn’t in the original terms and conditions, this is a form of mis-selling that is not your doing. 

Ignorance from Your Advisor

It is fair to say that some people are more professional than others. Some advisors that you encounter may potentially be quite ignorant to your needs and requirements for whatever reason. With this, your mortgage can be greatly affected. Say, for example, you have every intention of paying off the mortgage month by month no matter the cost (if it is within the budget of your income), but your advisor suggests an interest-only mortgage and through confusion you agree. An interest-only mortgage requires you to pay only the interest during the mortgage period, then paying the entire original price at the end. This example shows that the agreed upon mortgage was not correct for the customer, due to the advisor’s lack of listening and concentration. If this is to happen to you, it is the advisor’s fault for his or her ignorance.

Loan Period Goes Beyond Retirement

One of the biggest ways of noticing mis-sold mortgages is through the timescale of the loan. If you find that the mortgage is set to go past your age of retirement, and you have no recollection of payments during retirement being included or assessed, then you may have a problem. Your advisor should assess the affordability further if the mortgage is to go into your retirement. This helps in ensuring that the mortgage laid out for you is perfect.

What Should You Do?

You should not find yourself in any of these situations; finding that your mortgage is more expensive than agreed upon, finding that your advisor has lacked interest and not given you the mortgage that is correct for your needs or finding that the time period of the mortgage has not been set up to cater to a change in your lifestyle and income. Should you believe that something has caused you to be mis-sold a mortgage, contact The Mis-Sold Mortgage Experts. If you need someone to have a check in terms of mortgage miscalculation or mis-selling of a mortgage in general, this group of solicitors who specialise in mis-sold mortgages will be happy to assist you from start to finish. The team can quickly calculate whether you have grounds to put forward a claim that they can help you with or if you do not; They will not waste your time either way.

Contact The Mis-Sold Mortgage Experts

There is no time to waste. If you have suspicions that you have been mis-sold your mortgage or are finding that you have additional payments every month concerning your mortgage, contact The Mis-Sold Mortgage Experts as soon as possible to ensure that you know why by calling 0800 756 3986 or emailing info@missoldmortgageexpert.co.uk. One of the team members will be happy to help you with your situation.

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