If you wish to know how to deal with a mis-sold mortgage, click here.
Were You Mis-sold Your Home?
Moving house is a testing but exciting time in your life and it comes with a list of challenges that can be difficult to overcome. The last thing you want to happen is for further unnecessary complications to make the process more difficult than it already is, but unfortunately this is often the case for a number of people. Being the victim of a home mis-sold is becoming more and more common.
The idea of a mis-sold house might be one that you’re unfamiliar with, but it affects more new homeowners than you might expect. Thankfully there are specific requirements to be adhered to when selling a house and if you are misled in any way during the process then you may be entitled to make a claim.
What Does A Mis-sold House Mean?
There are a variety of instances that can constitute mis-selling or malpractice when it comes to buying a home. An instance which could fall into this could be when you purchase a new-build leasehold home only to find out further down the line that there are clauses within your lease that you were not absolutely made aware of. The ramifications of a lease must be made explicitly clear to the individual concerned as it can leave buyers unable to sell their home further down the line, due to the contract they have been tied into.
It can be difficult to prove that any wrongdoing has been made by the organisation that sold you the lease. It is therefore very important to keep a log of any misrepresentation you have been subjected to in order to be able to form a valid and winnable case.
Types of Home Mis-selling
Endowment Policies – You may have been pursuaded to take out an investment to help you pay off your mortgage, only to find out that it wouldn’t give you enough money, or not as much as promised.
Self-Certification Mortgages – Often you are asked when getting a mortgage to provide evidence of your salary. If you weren’t, you may have been encouraged to get a ‘fast-track’ style of mortgage, one that trades a far higher rate of commission in exchange for the efficiency of getting a mortgage quickly. If you find yourself in this situation, your mortgage could be viewed as being mis-sold.
Post-retirement Mortgages – It’s possible that a mortgage can last into your retirment age depending upon when you purchased the property. But this may not have been fully explained to you. You may be left in a position where you are unable to competently pay your mortgage. If this was not communicated to you adequately, it can be construed as mis-selling and you could make a complaint.
Remortgaging to ease debt – Sometimes, people are advised to consolidate their debts into their mortgage. Whilst this can assist with the streamlining of one’s debt, it can also extend the terms of a mortgage or increase the premiums. If yo don’t feel that this was accurately communicated to you, you can make a complaint.