True Mortgage Claims Blog

Have you had an interest-only mortgage? There’s a chance that the mortgage may have been mis-sold to you, but what does this mean, and how will you know?

What is an interest-only mortgage?

An interest-only mortgage is one where the repayment made each month only pays off the interest on the total loan amount. Unfortunately, whilst appealing, with a lower monthly payment than its repayment mortgage counterpart, the overall amount repaid is actually significantly higher and can leave borrowers in a very bad position – some feeling they were duped or misinformed from the day they agreed the loan.

So how can you find out if you have been mis-sold an interest-only mortgage?

The questions to ask yourself are fairly simple.

  • Do you have an interest only mortgage taken out after 31st October 2004?
  • Are you struggling, or could you struggle to pay off the capital?
  • Do you feel unhappy with the advice that you were given at the time of taking out the mortgage?

If the answer to these questions is yes, then you should definitely be thinking about finding out if you are due compensation for a mis-sold mortgage.

Whilst it would be impossible by reading this article alone to know if you had a valid claim; some of the reasons for mis-sold mortgage claims are that you have since found the mortgage unaffordable and may have even missed payments.

The information you were provided at the time of your decision may have been incorrect and impacted upon your decision to proceed with an interest-only mortgage.

Perhaps the lender was negligent, or you find yourself in a position where you have no plan or ability to repay the mortgage at the end of the term?

Did you know, you may still be able to claim even if you have already sold your home and moved on or had the mortgage jointly and no longer reside together? We are here to assist you through the process and determine whether you have a claim.

So why choose True Mortgage Claims?

We are sure you would agree that the most important thing when it comes to potentially making a mis-sold mortgage claim is ensuring you are given the right advice from specialists who really know what they are talking about and can support and guide you smoothly through the entire process.

With our easy enquiry process and no win/no fee policy, selection of specialist advisers and solicitors we truly believe we offer a service and experience you won’t find anywhere else – what’s more our service is entirely free to use. Unlike other mis-selling compensation, where only a few thousand pounds can be claimed, Mis-Sold Mortgage claims cover the full term of the mortgage so you truly do owe it to yourself to check if you can make a claim today!

We have probably all heard of mis-sold PPI; no doubt you’ve had a phone call from an unknown number promising that you are entitled to claim back PPI; but what is a mis-sold mortgage?

Of course, we know what a mortgage is; so, what is mis-selling…? Mis-selling means that you were sold something without being given the necessary advice or even the correct advice to make a fully informed purchase of the correct product. It means you didn’t know everything you needed to know in order to make a considered and careful decision. This can be as a result of an inefficient lender or uninformed mortgage broker.

A mis-sold mortgage can have some serious implications.

Here we look at some of the most common reasons you may be entitled to make a claim for a mis-sold mortgage and thus receive mortgage compensation.

  • You will reach retirement age before your mortgage ends.
  • You were given false or negligent information by the broker or advisor.
  • The broker didn’t fully explain their commission or you were advised to take a particular product without being told that the advisor would receive a higher commission for that product.
  • Incorrect or false information was submitted on the application to achieve a higher mortgage offer.
  • You were told to change lenders – but weren’t informed of the associated fees or penalties.
  • You used the mortgage at least partly to consolidate other debts or loans.
  • Adequate checks weren’t performed to make sure that the repayment method or schedule was actually affordable for you.
  • You were forced to move home or downsize to a smaller property because you could no longer afford the repayments.
  • You have no plan or means to pay the mortgage off at the end of the term.

This is definitely not an exhaustive list; the truth is it would be virtually impossible to assess whether you had a valid claim without the type of legal expertise we offer access to. It is also important to remember that you may still have a valid claim even if:

  • you have sold the home and are living elsewhere
  • you no longer have the mortgage
  • you had a joint mortgage with someone who you don’t live with anymore.

How do I find out if I can make a mis-sold mortgage claim?

As you can see there are multiple reasons as to why you could possibly have a valid mis-sold mortgage claim and be owed a massive amount of mortgage compensation. Whilst it may.

seem daunting to start a mis-sold mortgage claim, True Mortgage Claims is here to help simplify the process, giving you a simple claims process; allowing you access to truly expert advice and helping you to claim your mortgage back. Don’t wait any longer; if you believe you may possibly meet the criteria of a mis-sold mortgage claim – fill in our simple form now!

We’ve looked at reasons why you may have a mis-sold mortgage claim – however, the lists we have provided are not exhaustive so if you think there may be a chance that you have been mis-sold a mortgage, then it is definitely worth your time to check with us.

The thought of making a claim may seem really overwhelming; just imagining dealing with solicitors and mortgage companies, courthouses and judges but at True Mortgage Claims we have taken the stress and hassle out of the process by simplifying everything. Now making a claim through us is a really easy 4 step process!

4 Steps to Make a Mis-Sold Mortgage Claim

Here we look at some of the most common reasons you may be entitled to make a claim for a mis-sold mortgage and thus receive mortgage compensation.

Step 1 – head over to our enquiry form - our quick, simple form will ask for some basic details including:

  • Value of the mortgage when agreed
  • The year your mortgage began
  • Whether or not you still live at the address you would be claiming for
  • whether the original mortgage was taken out with another person, or solely
  • Your name, contact number and email address

Step 2. Your submitted details will be evaluated by an FCA authorised firm – they will then use the details you have given us to contact you – usually by telephone – so that they can get any additional information they require from you.

At this stage a decision is made as to whether or not you do indeed have a claim for a mis-sold mortgage. If you do then it’s on to the next stage –

Step 3 – You will enter into an agreement with a specialist solicitor. The solicitor will explain what will happen with the case and exactly what their fees will be when you win. As all of our cases are dealt with on a no win/no fee basis – if your case proved not to be successful, there wouldn’t be any legal fees for you to pay.

Step 4 – YOU WIN!! Compensation is awarded to you by the courts, fees are paid to the solicitors and you can spend the money as you wish!

Here at True Mortgage Claims we really do endeavour to make the process as easy and straightforward as possible. Our no win/no fee policy means that you really do have nothing to lose!

Start Your Mis-Sold Mortgage Claim Today

Now that you can see just how easy and hassle free it is to get the ball rolling, why not complete our quick enquiry form and start the process to claim your mortgage back TODAY!