It is always every person's hope to have a property of their own. Sad to say this commendable goal was used by some greedy mortgage brokers to take advantage of the situation for their own benefit to generate commission and have mis sold mortgages to most of the aspiring house owners. This means that various factors have been intentionally overlooked or perhaps customers have been tricked by mortgage broker companies to make them get into an agreement that are not suited for them leading to repossession of the property in the end caused by incapacity of the home owners to pay out.
The good thing is, the Financial Ombudsman Authority (FOA) can be reached if you think that you fall on the category of mis sold mortgages with your property considering the foundation of the Financial Service Authority (FSA) rulebook designed for mortgage advisers, Mortgage and Home Finance: Conduct of Business (MCOB). Appropriately mortgage companies need to conform to section 4.7 which advises that they must 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 accomplish this and results in a loss on the property on the part of the client is actionable based on section 150 of the Financial Services and Markets Act 200.
Just how will a property owner recognize that they fall on the group of mis sold mortgages? First is to take into account the past deal created by you and your broker. Were you made conscious of what you will be paying and if you can in fact afford the loan or not? Most particularly, during the deal did the broker officially evaluate your current financial capability? In reality there are instances whereby the brokers recommend the would-be property owners to take advantage of self certification or fast-tracked mortgages. This implies that affirmation of income will depend on the specific lender's discretion.
One more ground that a property owner can use in showing that their property has been mis sold is that the mortgage of their own property runs past their particular retirement age. If this is the situation, did your broker give you advice on how you can still pay in case you are no longer receiving a regular income and will just live on your pension? Were you furthermore informed that the mortgage payment you're paying off is actually on interest only? In other words all the cash you are paying simply settles the interest of the mortgage and doesn't lessen any of the capital sums of the property.
The above mentioned factors are just some of the common concerns obtained by the FOS regarding mis sold mortgages of most home owners in UK. Of course it is most likely that mortgage companies will reject their faults. Because of this it is advisable to employ a legal representative to help you with your predicament to present and have your case review by the Financial Ombudsman Service. Should your case is decided in your favour, the specific mortgage company will undoubtedly be required to pay you compensation for the hassle they have generated.