If you be a victim of

If you be a victim of mis-sold mortgage, then you should be happy to know that there is also a way that you can now get settlement. Before you start thinking of compensation or making mis-sold mortgage claims, you should have the understanding of mis-sold mortgages.

Understanding some sort of mis-sold mortgage

Mortgage lenders and broker agents started being regulated by the FSA (Financial Services Authority) on thirty first October 2004. The regulation appeared to be put in place to ensure the lenders and agents were providing appropriate advice and not selling mortgages that were not affordable. The basic criteria that mortgage lenders and brokers have to meet are: Could it be the most suitable mortgage for the client? Does the mortgage meet the clients' requirements? Is a mortgage affordable?

Although most of them could meet the FSA guidelines, there were people who didn't and sold mortgages to clients who were vulnerable and struggling to afford repayments. What you need to know as a possible mortgage buyer is that all loans from 31st October 2004 are covered by the regulations.

How to understand if you were mis-sold a mortgage

You can simply start looking for mis-sold mortgage promises after you are sure you were truly mis-sold a mortgage. Some of the signs happen to be:

1 . You retire before you end paying off your mortgage.

2 . You now have a fixed rate mortgage. This basically means your broker did not bother to verify if you would pay for new monthly payments at the end of the repaired rate.

3. Your mortgage utilized to pay off or consolidate other credit. For instance, you may have had a car loan using 5 years left to pay off plus your new mortgage was used to settle this kind of loan. Your lender or dealer did not inform you that in the long run you may be paying more since you will be investing in a 5 year loan in 25 years. The extra 20 years will mean an increased total interest rate.

4. You bought some sort of Sub Prime Mortgage even though you a new good credit rating. Sub Prime Home loans are only offered to people who have a low earnings or poor credit rating. Such a mortgage loan normally has a higher interest rate over a standard mortgage. If such a scenario occurred, you have been mis-sold your mortgage loan.

5. You were given a Personal Certification Mortgage even though you were exercised at the time. A Self Certification Home loan is meant for self employed people who are deprived of evidence of a steady income. Since they are high risk, they are charged a higher interest rate. In the event that you where employed and sold such a mortgage, it is a mis-sold mortgage.

6. That you were encouraged to falsify your personal details in order to get your mortgage application approved.

six. You purchased an Interest Only Mortgage. In such a case, it is evident that your lender or broker did not educate you on the difference among Capital and Interest Mortgage and even an Interest Only Mortgage.

What is the next thing? There are many companies that will help you with your

promises. In most cases they can even approach your own old lender and get copies with the existing paperwork for you. However, you will need to know the name of that lender plus ideally your old mortgage account number.

Once you have completed the claim make up the whole process takes approximately twenty-four weeks. Your claims company will assist you to complete the forms bi weekly bi monthly and represent you every step of the way so you will not need to worry.