💥 MIS-SOLD MORTGAGES — KNOW YOUR RIGHTS
🧠 INTRO: WHAT IS MORTGAGE MIS-SELLING?
A mortgage is one of the biggest financial commitments you can make. If the product you were given wasn’t explained properly, didn’t match your needs, or wasn’t affordable for your circumstances, you may have been mis-sold a mortgage.
Even the FCA states:
“A mortgage is one of the most important financial decisions a person can make. Lenders must ensure that the mortgage they offer is affordable and suitable for the individual.”
According to the FSCS:
– Over 10% of people have been affected by mis-sold mortgages.
– Many did not fully understand the cost or how interest rate changes would impact repayments.
Common indicators of possible mis-selling include:
- Important terms and conditions were not explained clearly.
- You felt under pressure to agree to a mortgage without time to consider alternatives.
- Fees or charges were not clearly disclosed.
❗ SIGNS YOUR MORTGAGE MAY HAVE BEEN MIS-SOLD
Some potential warning signs include:
- Your repayments were unaffordable from the start.
- Interest rate changes were not fully explained.
- You were advised to borrow more than you needed.
- Your circumstances didn’t fit the lender’s standard criteria, yet the mortgage was still approved.
- Your income, debts, or other key factors were not properly considered.
- You were advised to take certain mortgage types (e.g. tracker or interest-only) without being made aware of the risks.
🧾 HOW TO MAKE A COMPLAINT
STEP 1: Contact Your Lender
Visit your lender’s website and find their
Complaints section. Use the provided contact details (email, form, or postal address) to submit your complaint.
STEP 2: Provide Clear Details
Explain what happened, when it happened, and why you believe the mortgage may have been mis-sold. Include supporting evidence such as documents, statements, and correspondence.
Lenders have
8 weeks to respond. If you’re unhappy with the outcome or don’t receive a reply, you can escalate your complaint to the Financial Ombudsman Service:
www.financial-ombudsman.org.uk
STEP 3: Request Your Data
If you need more information about how your mortgage was arranged, you can submit a Data Subject Access Request (DSAR) to your lender. Include your full name, date of birth, addresses, and account number. They must respond within 30 days.
