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A mis-sold mortgage occurs when a mortgage was sold to you without fully informing you about its terms, risks, and whether it was suitable for your financial situation. Common examples include not being told about the risks of an interest-only mortgage or the full implications of the mortgage terms.
You might have been mis-sold your mortgage if you were not given adequate information about the product, its risks were not clearly explained, or if it was not suitable for your financial situation at the time of sale. If you were pressured into taking a mortgage product or were not made aware of the full costs and fees, these could also be indicators.
If you suspect your mortgage was mis-sold, you can file a claim for compensation. The process involves gathering evidence of the mis-sale and presenting your case, often with the help of a company like Great Claims that specialises in such claims.
Yes, the Financial Conduct Authority (FCA) has established a deadline for filing mis-sold mortgage claims: six years from the date of the mis-sale. It's important to act promptly to ensure you can fully leverage your rights.
If your claim is successful, you will receive compensation that aims to put you in the position you would have been in had the mortgage been sold correctly. This might include a refund of overpaid interest or fees and, in some cases, additional compensation for distress and inconvenience.
Mis-sold mortgages represent a significant financial strain for numerous individuals. If you suspect your mortgage was mis-sold—provided without adequate information or not in alignment with your interests—you might qualify for a refund. Mis-selling can range from not being informed about the risks of an interest-only mortgage to not fully understanding the mortgage terms.
The process for securing refunds is not uniform; your compensation will depend on your specific situation and the details of the mis-sold mortgage product. To estimate potential compensation, a mis-sold mortgage compensation calculator can be invaluable. By inputting details such as loan type, interest rate, and duration, you can get an estimate of your claim amount.
Be aware that the FCA has established a deadline for filing mis-sold mortgage claims: six years from the date of mis-sale. Prompt action is essential to leverage your rights fully.
While compensation amounts can vary widely depending on individual circumstances, there are dedicated companies that specialize in supporting claims for mis-sold mortgage products. They can guide you through the claim process, aiming to alleviate the financial impact of the mis-sold mortgage.
If you're dealing with the repercussions of a mis-sold mortgage, it's crucial to act swiftly to pursue compensation.
Want to know more about or get started with a claim? Fill in the form and we will get back to you as soon as possible.