Essential reading: If you have remortgaged to borrow more with a bank or Building Society since 2004, you received negligent advice and you are due redress for your losses


Sunday, July 15, 2018

It’s normal to have a mortgage from a High Street lender, homeowners either taking their original mortgage out directly with the bank or remortgaging directly after being advised independently first time around. Big name, big company, and a High Street presence all offer reassurances that you are safe, but that is not the case.

On October 31st 2004, Financial Conduct Authority (FCA) Regulation came into force as there were known issues with mortgage advice and sales, but this did not mean that brokers and lenders adhered to these new regulations. Because of these new regulations and the protection the FCA affords you, you have a right to redress if the Bank or Building Societies advisor did not provide suitable mortgage advice.

You might think this does not apply to you and that nothing is wrong with your mortgage, but the regulations are strict and it is alarming how many of the big institutions did not comply.

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What Is A Negligence Claim For?

There are various factors, some of which are unique to an individual’s circumstances, shockingly though, what appear to be very normal things to do with your mortgage fall under advisor negligence.

Borrowing additional funds, for whatever reason, from paying off debts to buying cars and paying for holidays, can be deemed as negligent advice if you have:

  • converted to Interest Only to keep the monthly payments down
  • extended the term of your mortgage
  • self-certified your income
  • incurred redemption fees and new product fees, which are added to your mortgage
  • accepted a higher interest charge than if not borrowing more
  • subsequently fallen into arrears or been repossessed

Why was it negligent advice? Banks offer a full suite of financial products, albeit tied to their own brands, but this should have ensured you received a comprehensive service.

A mortgage broker is a financial professional and is therefore aware of alternative leading options available to you. Working for a bank, your broker would know it offers unsecured personal loans and lending products that may have been more suitable.


How do I claim redress for negligent advice?

Mortgages are complex and unravelling negligent advice is difficult. It would be great, if like PPI, you could print off a template letter from a Consumer Action Group website and get fair compensation for your losses, but you can’t. We are experts in both Financial Services and the Legal Profession, we can unpick the advice and quantify what you have lost, due to negligent advice. Putting your case forward based on our knowledge of mortgage regulations and legal rights.

If you believe you may have a claim for negligent mortgage advice, start your claim with us and one of our experts will be in touch to discuss your claim.

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