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It is every person's wish to have a house of their own. Sad to say this commendable dream was used by a few greedy mortgage brokers to take advantage of the situation for their own benefit to make commission and have mis sold mortgages to most of the aspiring house owners. This implies that various components have been deliberately ignored or perhaps clients have been misled by mortgage broker companies to make them enter into a contract that are not best for them leading to repossession of the property eventually on account of incapacity of the house owners to pay out. Fortunately, the Financial Ombudsman Authority (FOA) can be reached if you feel that you fall on the category of mis sold mortgages with your property employing the foundation of the Financial Service Authority (FSA) rulebook for mortgage advisers, Mortgage and Home Finance: Conduct of Business (MCOB). As necessary mortgage companies must comply with section 4.7 which says that they must provide realistic advise "suitable for that customer" and that advisers "must make and retain a record" of it being suitable. Failure of the mortgage advisers to get this done and results in a loss on the property on the part of the customer is actionable according to section 150 of the Financial Services and Markets Act 200. So how will a house owner realize that they fall on the group of mis sold mortgages? First is to think about the past deal created by you and your broker. Were you made conscious of what you will be paying and if you can certainly pay the loan or not? Most particularly, throughout the deal did the particular broker officially evaluate your current financial capability? In truth there are cases wherein the brokers suggest the would-be homeowners to make use of self certification or fast-tracked mortgages. This means that verification of income will depend on the lender's discretion. Another ground that a home owner can use in showing that their property has been mis sold is that the mortgage of their own property goes past their particular retirement age. If this is the case, did your broker offer you advice on how you can still pay if you're no longer getting a regular income and will only live on your pension? Were you also advised that the mortgage payment you're paying off is on interest only? This means that all the cash you're paying simply settles the interest of the mortgage and does not decrease any of the capital sums of the property. The above mentioned details are merely some of the common issues received by the FOS relating to mis sold mortgages of many property owners in UK. Obviously it is most likely that mortgage companies will certainly deny their own shortcomings. For this reason it is advisable to employ a solicitor to help you with your condition to show and have your case review by the Financial Ombudsman Service. Should your case is decided in your favour, the mortgage company will undoubtedly be demanded to pay you compensation for the trouble they have created. If you want to take the mortgage claim test, you need to understand what it covers. This way, you can be sure that you can pass this kind of test. You can also seek for help online by checking http://www.mis-sold-mortgages-uk.co.uk
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