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Know If You Are A Victim Of Mis Sold Mortgages
Saturday, November 2, 2013
Mis sold mortgages come from a scenario wherein a mortgage was sold by giving the buyer inaccurate information. Certainly this is caused by the broker's greed to gain a large commission by victimizing innocent individuals whose only desire is to have a property of their own.
As it was observed that a large number of property owners were complaining about mis selling the Financial Service Authority (FSA) carried out more stringent rules on November 2008 to be able to fix the issue.
Evidently, in spite of the implementation by the FSA not all mortgage brokers took heed in following it. The most typical scam committed was completely overlooking the capacity of the client to pay the mortgage ultimately. An example is giving the client a mortgage which is payable in 20 years when he is already 50 years of age. If the rules of the FSA be followed, the broker should notify the buyer the possibility on how he need to settle the mortgage after he reach his retirement age of 65.
Yet another possible drawback that can prove mis sold mortgages is the lack of ability of the broker to ask for an evidence of income of the buyer. As this is one of the requirements to have a mortgage there is a possibility that it was either forged by the broker with the intention of closing the deal and also to obtain a higher mortgage rate.
Further, for instance that the buyer opted to have a fixed interest rate on his mortgage for a given period of time it will eventually commenced into variable rates which means that the amount of rate will increase than his usual payment. In this regard, the broker should have informed him of such possibility as well as helped him assess his financial situation of how he can cope in paying his obligation.
At any given circumstance that the inappropriate actuations of the broker applies to your situation then it is definite that you are one of the many who has been a victim of mis sold mortgages. Hence, it is the legal right of any consumer to have this corrected most especially if your property is on the verge of repossession.
Seemingly, it will be advantageous if you will employ a legal consultant to help you with your claims because they are far more experience in managing these kinds of cases. Furthermore, if you're concern about the charges then you can search among the many online sites that offer their services on a "no win no pay" scheme.
It is but appropriate that all victims of mis sold mortgages be granted to get compensation from the broker that misguided them with their mortgage. For this reason proof must be proven to be able to convince the Monetary Ombudsman Service (FOS). With this hiring a good legal counselor can definitely help you win your case.
As it was observed that a large number of property owners were complaining about mis selling the Financial Service Authority (FSA) carried out more stringent rules on November 2008 to be able to fix the issue.
Evidently, in spite of the implementation by the FSA not all mortgage brokers took heed in following it. The most typical scam committed was completely overlooking the capacity of the client to pay the mortgage ultimately. An example is giving the client a mortgage which is payable in 20 years when he is already 50 years of age. If the rules of the FSA be followed, the broker should notify the buyer the possibility on how he need to settle the mortgage after he reach his retirement age of 65.
Yet another possible drawback that can prove mis sold mortgages is the lack of ability of the broker to ask for an evidence of income of the buyer. As this is one of the requirements to have a mortgage there is a possibility that it was either forged by the broker with the intention of closing the deal and also to obtain a higher mortgage rate.
Further, for instance that the buyer opted to have a fixed interest rate on his mortgage for a given period of time it will eventually commenced into variable rates which means that the amount of rate will increase than his usual payment. In this regard, the broker should have informed him of such possibility as well as helped him assess his financial situation of how he can cope in paying his obligation.
At any given circumstance that the inappropriate actuations of the broker applies to your situation then it is definite that you are one of the many who has been a victim of mis sold mortgages. Hence, it is the legal right of any consumer to have this corrected most especially if your property is on the verge of repossession.
Seemingly, it will be advantageous if you will employ a legal consultant to help you with your claims because they are far more experience in managing these kinds of cases. Furthermore, if you're concern about the charges then you can search among the many online sites that offer their services on a "no win no pay" scheme.
It is but appropriate that all victims of mis sold mortgages be granted to get compensation from the broker that misguided them with their mortgage. For this reason proof must be proven to be able to convince the Monetary Ombudsman Service (FOS). With this hiring a good legal counselor can definitely help you win your case.
About the Author:
Looking for a mortgage company to help you in mis sold mortgages in UK, then have a look at www.mis-sold-mortgages-uk.co.uk
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