"Consolidating A £2,000 Credit Card Onto A Mortgage Over A 15 Year Term Could Result In A Claim Of Over £50,000 due to Factors Such As The Term, Interest rates And The Charges Applied To Your Mortgage....."*

"Consolidating A £2,000 Credit Card Onto A Mortgage Over A 15 Year Term Could Result In A Claim Of Over £50,000 due to Factors Such As The Term, Interest rates And The Charges Applied To Your Mortgage....."*

Were you advised by your broker or mortgage company?

credit-card

To remortgage to pay of debt? Credit Cards, loans and overdrafts, even existing mortgage arrears.

Reduce your costs by extending the mortgage term, maybe into retirement or converting to interest only?

To fund the purchase of a new car, home improvements, a wedding? Something where other finance options were available?

There are many ways a mortgage could be mis-sold including:

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    Debt Consolidation - The long term financial cost to you of consolidating your debt onto your mortgage can be huge. Were all the options explained to you at the time? Did your advisor look at unsecured lending, second charges or even a debt management plan?
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    Additional Borrowing - Were you advised to borrow for home improvements, to buy a new car, fund a wedding or something else expensive? Did your advisor explain the unsecured options or that product specific finance packages could be available?
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    Affordability - Were your true income and outgoings taken into account? Were potential changes to your circumstances taken into account or were you encouraged to self certify your income? Does your mortgage run into you retirement?
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    Interest Only - Were you advised to change from Capital Repayment to an Interest Only mortgage. Did a you consolidate debts at the same time? Were you advised upon the risks of not having a suitable Capital Repayment vehicle in place? 
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    Sub-Prime - Were you advised to take a Sub-Prime mortgage, a product for people with poor credit history's, CCJ's or a low credit score, even though your credit rating was good?
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    Charges and Fees - Remortgaging comes at a cost, there may have been redemption fees for you existing mortgage, new mortgage fees, advisor fees, valuation fees and legal fees - some or all will have been added to your new mortgage with interest being applied over 25 years.
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    Extending the Term - Did your remortgage extend the existing term? Was this to keep monthly payments down after debt consolidation or additional borrowing?

* Statement based upon calculated quantum of an actual claim

* Statement based upon calculated quantum of an actual claim, taking in factors such as the term, interest and the charges applied to your mortgage.

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