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Mis-Sold Mortgages. Don't Get Caught Out! by Asim Ali Ashraf





Article Author Biography
Mis-Sold Mortgages. Don't Get Caught Out! by
Article Posted: 07/23/2012
Article Views: 53
Articles Written: 35
Word Count: 361
Article Votes: 0
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Mis-Sold Mortgages. Don't Get Caught Out!


 
Finance & Investment,Insurance
Every person wants full possession of his own property. Unfortunately, some dishonest mortgage brokers take advantage of this situation for their own welfare to gain a commission and have mis-sold mortgages to many aspiring homeowners. This demonstrates how various projects have been intentionally disregarded, or clients may have been deceived by mortgage agent companies to push them into a legal declaration that is not appropriate for them, eventually leading to repossession of the property.

Fortunately, the Financial Ombudsman Authority (FOA) can be approached if you find that you fall within the category of mis-sold mortgages . Mortgage companies are required to adhere to section 4.7 of the FOA which states that they should give reasonable advise "suitable for that client" and that consultants must “make and maintain a record" of it being suitable. If the mortgage consultants fail to do so, and the client loses the ability to keep up with payments – they are able to initiate legal action towards the consultants according to section 150 of the Financial Services and Markets Act 200.

How then, will the owner of a house know if they fall in the group of mis sold mortgages?

The first factor to take into consideration is the previous deal created by you and your agent. Were you made aware of what you will be compensated and if you can really pay the loan or not? Most importantly, during the dealings did the agent formally evaluate your financial capabilities? The fact is that there are cases in which the agents advise the property owners to get self certification or fast-tracked mortgages. This shows that confirmation of income relies upon the specific lender's discretion.

An additional factor that a land or property owner can use in showing that their holdings have been mis sold is the mortgage on their property runs past their retirement age. If this is the case, did your agent give you helpful advice on how you can still pay if you are no longer getting a constant income and will only live on your monthly pension?

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