10:21 10 October 2013
Many stories you heard about mis-sold mortgages in recent years on the UK market are based on facts, but some of the latest stories just don’t ring true.
Mortgages were mis-sold during 1998-2007 because house prices increased almost two-fold, thereby making it almost impossible for citizens to keep up with their mortgage payments. Mortgage lenders had sold their products without following the interest of the customers, and made them face many risks without informing them about it. But in recent years, several UK institutions brought forth policies in order to regulate the mortgage segment, and to ensure that mis-sold mortgages are a thing of the past. This means that mis-sold mortgages are not possible anymore, as lenders can no longer do the following:
There are many other regulations that mortgage lenders have to follow nowadays, making it difficult for them to mis-sell to their clients anymore. If, however, you believe that you have been the victim of a mis-sold mortgage, you are entitled to compensation, provided you can prove that the mortgage was actually mis-sold.
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