12:46 04 October 2013
Many brokers and lenders between 2002 and 2007 on the UK market rushed to grant loans to clients who soon found out that they could not actually afford their mortgage payments.
Some of the clients managed to get their money back by filing complaints against those brokers and lenders, but others fell for the trap and could not retrieve their money.
Any mortgage that is not ideal for the client (that is to say, the client cannot afford it on his current income, or the client does not need all of the services included with that product) is called a mis-sold mortgage.
Here is all you need to know about mis-sold mortgages and how they work:
The past is past. All that you have to do now is to assess your situation and find answers for a few questions. The main thing you should take into consideration to find out if your mortgage was mis-sold is this: were you given the correct information about your repayment rates? Would you have afforded to repay the payments based on the income you had? If the answer is no, then you could file a complaint against the company that sold it to you.
Disclaimer: Supanet is not responsible for, and disclaims any and all liability for the content of comments written by contributors to this website