Tag: mortgages

I’ve been mis-sold a mortgage! What can I do?

Posted on April 28, 2020 by - Blog, Mis-Sold Mortgage Claims, Uncategorised

Mis-sold Mortgages are never fun to deal with. Over the last couple of weeks, UK citizens everywhere have experienced the effects of the corona virus and how it has made their mortgages even more difficult to pay back. It was only on the 23rd of April that the “partial lockdown” on mortgages was lifted, however it does not change the fact that many citizens still have to pay the money back thanks to their “mortgage payment holiday.” This is only made worse if you are paying back more than you have to!

So, how do you even know if you have been mis-sold a mortgage? Better yet, how do you actually get mortgage mis-selling compensation? Gowing Law Solicitors, the top Manchester mortgage lawyers, are here to put you on the right track and help you reclaim all of the money that you have lost. Here’s what you need to know!

What is mortgage mis-selling?

Mortgage mis-selling can happen to anyone who has been over-paying their mortgage. Loaners (such as banks and brokers) may advise you to take a certain loan without fully considering your situation and how much you can actually afford. Your mortgage will need to be paid back through small payments that you can afford. However, if you are been mis-informed about what would best suit your budget, it is obvious that you have a mis-sold mortgage claim on your hands.

Like Donald, being mis-sold a mortgage can differ from person to person. However, the main gist of a mis-sold mortgage is that you were not given proper advice on what mortgage you should take. It is not even really about the money, instead it is the fact that you took a risk with your mortgage that turned out to be more riskier than you originally intended it to be. As the FCA (Financial Conduct Authority) puts it. Any financial advice sold to you much be:

“fair, clear and not misleading”

This is what you can claim compensation for.

How is being mis-sold a mortgage different to a miscalculated mortgage?

The main difference between the two problematic mortgage claims is due to the lender’s “intent”. Although both of them mean that you are paying more than you have to, a miscalculated mortgage may have been due to an error in the calculation. A mis-sold mortgage implies that the lender did not check their facts and gave you a mortgage that did not suit your situation. Sometimes this may have been on purpose to make you pay more. With either of these claims, you will be able to claim a substantial amount of compensation.

For more information on miscalculated mortgages, please check out our blog! There you will find all the basics of miscalculated mortgage claims and more.

Can I have some examples of financial mis-selling?

There are so many ways that you have received a mis-sold mortgage. Some are more complicated than others. So, to make things a little more simpler, let’s divide them into two categories depending on their difficulty :

Simpler Cases of Mis-sold Mortgages

A few cases of mis-sold mortgages are pretty clear on why the claimant may be owed compensation. This may be because:

  • The claimant already retired after the mortgage end date
  • You were told to self-certify (aka. Borrow more money without having to prove your income) by your lender
  • A lender told you to overstate your earnings/income in order to borrow more money
  • You were not told that your lender would be owed a “commission” for selling you the mortgage
  • You were recommended switch lenders but were not told about any “switching” fees
  • Your lender had you on a fixed rate mortgage, but were advised to switch without being told of any fees for leaving the scheme.

As you can see from any of these examples, the financial mis-selling came as a result of bad advice. Sometimes there may not have ever even been advice in the first place! You may have simply been told to take out a mortgage and then were told to do something different. You mortgage should reflect your situation and should be based on your own personal finances.

Complicated Cases of Mis-Sold Mortgages

Keep in mind that if everything was simple then we would all be top mis-sold mortgages lawers in Manchester. Unfortunately, there are cases where it may get a little more complicated. If you have any of the following you may also be entitled to a mis-sold mortgage claim:

  • Endowment Policies
  • Interest- Only Mortgage
  • Self-Certification
  • Retirement Lending
  • Subprime Mortgages

Whilst these category names may seem a little intimidating, if you have a genuine reason to believe that you fall under them, you could be owed a lot in compensation! Let’s learn a little more about them:

As you can see, the policies are a little more complicated, but if you have the right documentation then you should be able to get compensation.

What do I do now? I have mis-sold mortgage claim!

Now that you are confident that you have a mis-sold mortgage claim, it is time for you to get a trained mortgage solicitor in Manchester on the case. No matter what your claim is, if you find yourself still repaying your loan even if your mortgage ends, Gowing Law Solicitors wants to help you!

You can file a complaint with your mortgage provider or ask them for specific documents to prove your case. Remember to file these documents in an orderly fashion. The more informed you are about your case, the more likely that you are going to get a good pay out. You may have even found that PPI was placed on top of your mortgage. If you have claimed for that back then don’t forget about the tax. We are more than happy to offer advice on the basics of PPI tax reclaims.

Here is what you need to do if you have a genuine mis-sold mortgage claim:

Having a trained mortgage mis-selling lawyer on your side will give you an extra boost of confidence. It can be difficult going against your lender in court. That’s why having a law expert will keep all of your information in order. They will present a strong case that will ensure that you get the compensation that you deserve. However, there is no harm in also involving the help of the Financial Ombudsman bureau.

How much could I earn in compensation?

Now, this depends on the type of claim you have and how much money you put into your mortgage payments. Every case will come out with a different financial outcome if it is won. However, if you have put a lot in then there is a chance you will get a lot out. Speak to our Gowing Law Mortgage specialists to get an estimate of how much you could earn. That way, we can learn about your case and how much we can help you with it.

How long do I have to claim my mis-sold mortgage?

Like other PPI tax reclaims, there is a deadline on when you can actually claim for a mis-sold mortgage. You must lodge your complain in 6 years from when you took the mortgage out. However, in certain circumstances this time may be extended, such as 3 years on from when you found out you were mis-sold the mortgage.

What if I am no longer the owner of the property that was mortgaged?

If you have been paying too much for the interest on your mortgage, you can still make a claim on it, even if you do not own the house anymore. What matters is that money was taken from you, and you were given bad advice. If you were forced to downsize or your house was re-possessed, this will give you more evidence that you can make a claim!

You can also still make a claim if you had a shared mortgage, recently divorced or had a joint account. Your partner may also be entitled to compensation.

Want to learn more information about the law?

Don’t forget to check out our additional blog topics! We go into the basics so that they are understandable, and will help you get started on your journey into the world of law. For instance, if you’re interested in immigration, and potentially getting a visa, you may want to check out our blog on the basics of immigration and UK visa categories.

Do you have a topic you want us to cover in our blogs? Let us know and we can write about it ASAP!

Contact Gowing Law Solicitors for help!

If you want more information about how our mis-sold mortgages solicitors can help you, make sure to visit our information page! Our experts can make sure to take your case and help you get the compensation you deserve.

To find out more, please call Gowing Law Solicitors now at 0800 041 8350 or use our email info@gowinglaw.co.uk. You can also contact us through direct message.

We look forward to hearing from you soon and wish you the best of luck with your mis-sold mortgage claim!

Miscalculated Mortgage Claims: What you need to know!

Posted on April 28, 2020 by - Blog, Miscalculated Mortgage Claims, Uncategorised

Miscalculated mortgage claims are a bit of a headache for clients to deal with. No one likes being told that they are paying more for their home than they need to. After all, you could have been using that money for bigger and better things, plus it’s quite disheartening knowing that banks and brokers (who are meant to have years and years of experience in the industry) aren’t as perfect as you think they are. But don’t worry! Whilst your bank/broker may have mis-sold you a mortgage that didn’t suit your needs or your home’s condition, Gowing Law Solicitors is here to help you learn why you may be entitled to a claim.

Before we dive into the world of mortgages and their miscalculations, our specialist mortgage solicitors in Manchester are here to assist you in your claim. They are trained to take on the most challenging of claims and make sure that you get the pay-outs that you deserve. With their help, you will be supported throughout your legal journey to ensure you fully understand how your claim is being processed. That being said, the best way to understand whether or not you have a miscalculated mortgage claim is to learn about mortgages in general. In this guide, you are going to be informed about how you can tell if you have a claim, what you need to know about mortgages and how the miscalculations happened in the first place, additional mortgage issues and what you need to do claim back your money.

Of course, if you have any additional questions then feel free to contact our miscalculated mortgage claim experts in Manchester. They would be more than happy to offer you their specialist advice about miscalculated mortgage claims free of charge!

What is a Mortgage?

Okay, so we are starting off with a pretty obvious point. But sometimes it’s essential to list the basics so we can round off some of the more complicated points. According to The Money Advice Service mortgages are loans “taken out to buy property or land.” The majority are secured against your home and can last for around 25 years (however this is flexible, depending on the type of mortgage you take out). The value of said loan is made secure against the value of your home until it is paid off. To understand a little more about mortgages, take a look at this video made by Wall Street Survivor. It is full of useful tips to help you get to grips with the topic:

It’s important to only make reasonable payments to ensure you can keep paying back small amounts of your home. However, your broker/bank may not always be able to help you get the perfect payment plan for you. This is where mistakes are made, and why you are paying more than you should be.

What is a Mortgage Miscalculation?

To put it simply, when someone decides to take out a mortgage to afford a house, business residence or land, they will go to a bank or a broker. From there, a set amount of interest is decided on, depending on how big the loan is and the amount the house/land is worth. This is agreed between the bank/broker and the client. However, when a bank/broker overcharges their client for their loan, rather than stick to the intended agreement, this is when you have a miscalculated mortgage claim on your hands. Our specialists in financial property claims can then step in to get your money back.

Are there any other reasons why I could make a miscalculated mortgage claim?

Of course, things are never simple, so some mis-sold mortgages can be difficult to spot. You may be wondering to yourself, ”Can’t I just look at my mortgage statements and compare them to how much I’ve been paying?” Well, yes you can, but a miscalculation can also be due to the fact that your bank/broker gave you bad advice in the first place.

Back in the olden days (aka. Before 2004), there weren’t any regulations that had been put in place to supervise and regulate mortgages in the UK. Instead, lenders tended to follow a voluntary code, known as the “Mortgage Code Compliance Board”, also known as MMCB. However, after the 31st October 2004, now known as M Day, the FSA (predecessor to the FCA) decided to regulate each mortgage and make sure that all advisors were qualified.

Unregulated Rules

As the rules were not previously regulated, if your mortgage was not fully agreed on under the new rules, that means that you could have a miscalculated mortgage case on your hands. You may also have a mortgage claim if you have been affected by the following:

  • Your mortgages end date commences after you have retired.
  • Advisors told you to that it would be wise to overstate your earned income so that you could borrow more.
  • Advisors told you that you should self-certify, aka. Borrow money without proving that you earn a specific income.
  • Your advisors told you that you should switch lenders but did not tell you about any potential fees or penalties
  • Your bank/ broker gave you a fixed-rate mortgage but then told you to re-mortgage later on when a better deal with offered. That meant you incurred penalties for leaving your fixed rate earlier than what was agreed.

As you can see, there are a lot of reasons why you may have had a mortgage miscalculation claim. That’s why before you move forward to making a claim, make sure to look through all of the documents you received about your mortgage. If you read them carefully, this should give you an impression about whether or not you were treated fairly. Additional feedback and assistance can be given if you show your mortgage claim specialist in Manchester this information. They can help you understand if you are owed anything from your lender.

Who can be affected by a mortgage miscalculation claim?

Honestly, anyone can be affected by a mortgage miscalculation claim. Whilst it may be easier to make a claim if you have had a mortgage for a longer period of time, if you have taken out a mortgage recently, you may already been the victim of financial miscalculation. This isn’t because the policy itself is bad, it’s just because it isn’t a policy that will suit you. To put it more simply, have a look at this example of mis-selling:

As you can see, it’s not as complicated as you think. The mortgage policy simply did not fit you and now you need to claim compensation. Whether you have had it for several years or have recently taken out a loan on your home, it’s better to check whether or not it is the right fit for you. That way you can make sure that you are not paying more than you need to.

What could happen if your mortgage has been miscalculated?

Naturally, if you are dealing with a mortgage miscalculation claim, your trust in your bank/broker may be a little shaken. You have expected that your bank/broker is acting in your best interest, yet here you are having been forced to pay far more than you originally expected.

Your miscalculated mortgage may have also caused you to endure the following outcomes:

  • An inability to pay your mortgage
  • High fees
  • Negative Equity
  • Unsuitable interest rates

However, what you really can expect from an incorrect mortgage calculation is financial compensation. Whilst some people can expect a large remuneration, it’s important to understand that mortgage mis-calculation compensation’s main goal is to return you to the same position you would have been in if you had not been mis-sold your loan in the first place. Again, let’s put this in a simple way that should show you how the process works:

If you come to a mortgage mis-claim solicitor from Gowing Law, please bring as many details as you can about how much you have paid into your mortgage, as well as any information on whether anything has changed. The more you tell your mis-sold mortgage specialist, the better the outcome of your pay-out.

PPI claims and Miscalculated Mortgage Claims

According to the FCA, all financial services (including mortgages) must be sold to the client in a “fair, clear and not misleading” manner. So, to think that you may also have an additional potential payment on top of your mis-sold mortgage is disgraceful.

PPI (aka. Payment Protection Insurance) was an additional policy placed on top of loans or any sort of financial borrowing services. It was used as a safety blanket, so if you got sick or couldn’t repay the loan due to an emergency, this would cover the costs. However, a lot of these claims were mis-sold. For example, they were given to people who were self-employed, which didn’t make a lot of sense since they weren’t being employed by a firm or company. A lot of people tried to get their money back through a PPI claim, however they discovered that they were taxed on top of this.

There is a way to claim back this tax with the help of a specialist PPI solicitor from Gowing Law Solicitors. Check out our blog on the basics of PPI for more information! Better yet, if you think you have a claim, why not fill out our simple PPI form to help get you started. Our experts are here to offer you free advice on you PPI and miscalculated mortgage claims.

Deadlines for claims

According to the FCS, you have around 6 years to re-claim any sort of compensation from a mis-sold mortgage claim. So, if you want to claim a payment for a mortgage taken out in 2014, you are probably too late as the deadline for that would be at the start of April 2020. However, don’t panic if you have not managed to hit this time frame! A claim deadline can also be calculated 3 years from when you realised something was wrong with your policy. As long as you hit one of these deadlines then you should still be able to make a claim. Ask a Gowing Mortgage expert for their advice if you are unsure about whether or not you can make a miscalculated mortgage claims.

Corona Virus & Miscalculated Mortgage Claims

Now, this is a topic that may worry you about your claim. The corona virus (aka. Covid-19) has made it quite difficult for law firms to continue with regular claims thanks to social distancing and the imposed quarantine. However, the corona virus should not be a reason why you cannot make a mortgage miscalculation claim.

The first thing that you should have a look at is the FCA’s guidelines about mortgages and the corona virus, making sure that you check up on how payment holidays can help you to keep paying your mortgage, as well as information on what you can do if you are behind on your payments.

Don’t worry! If you still have a claim then Gowing Law Solicitors is here to help you get the money you deserve. We completely understand that you cannot come in to see us right now, however we can process your claim remotely. All you need to do is let us know your situation. You can then fill out our compensation form and then let us take care of the rest. It is that simple!

How do you make a Mortgage Miscalculation Claim?

Now, the first thing you need to do is figure out whether or not you have a claim. Of course, you can put in a claim on your own. After all, according to the FCA over 75,000 individuals have managed to do the same. The Times have eveen stated that these claims could total up to £150 million! However, the best advice can come from the top specialists for miscalculated mortgages. This includes the experts from Gowing Law Solicitors.

We have created a special mortgage claim contact form that will simplify the claims process. All you have to do is let us know your name and contact details. From there, we will contact you and ask for specific information about your case. Our specialists will use their expertise to let you know whether you have a claim. You don’t have to go through this claim on your own. We are ready to work with you and help you receive any owed payments.

Ready to learn more about the law?

We are dedicated to informing our clients about a variety of law topics in simple terms. So, if you have finished looking at our latest mortgage miscalculation topic, why not check out a different topic? We have information on the basics of UK immigration visas and PPI tax reclaims. These blogs are a great place to get started!

Ready to contact us about your miscalculated mortgage claims?

Remember, no matter what sort of mortgage you have, Gowing Law Solicitors is ready to assist you with any claim. You can seek our advice for free and we work under a No win- No Fee basis. That means that there will be no hidden fees!

If you want to contact us about your claim, please call 0800 041 8350, email info@gowinglaw.co.uk. or use our contact form.

Let us know if you have any questions!