How can a Mortgage be Mis-sold?
There are many different types of mortgages (borrowing secured against your home) that are available from many different lenders.
A mortgage can be mis-sold if: –
- The mortgage was not suitable for you;
- The adviser of the mortgage did not advise you of the various different types of mortgages available;
- Your adviser did not advise or discuss with you interest rates on the mortgage or, if you took an interest-only mortgage, established how you would repay the mortgage once the interest was repaid at the end of your mortgage term;
- The mortgage adviser did not properly assess your mortgage borrowing capacity and you are unable to afford the monthly mortgage repayments;
- You were not advised of the risks;
Virgin Wouldn’t Mis-sell a Mortgage? Would they?
Would Virgin mis-sell a mortgage to me?
Unfortunately, Virgincould have mis-sold a mortgage to you, as well as many other high street lenders. There has been an increase in mortgage claims being made by customers as a result of mis-sales.
If your mortgage is, or was, unsuitable for you and you were not advised fully about the mortgage you took, then it is highly likely that your mortgage was mis-sold. If you can prove a mis-sale took place then you could be entitled to compensation.
If you do have cause to make a complaint for a mis-sale of your mortgage against Virgin, they will still need to treat you fairly and they are not able to treat you less favourably or reduce offers or terms to you based on any outstanding claim you make against them.
Can I Receive Compensation for a Mis-sold Mortgage?
If you were mis-sold your mortgage, then you are entitled to make a claim for compensation for any mis-sale that has taken place.
If a mis-sale of your mortgage is founded, then you can make a claim for all losses you have suffered from the date the mortgage started, right through the end of the full mortgage term. In addition to those losses, you would also claim interest on top covering that period of time.
If you do still have the mortgage paperwork, this will be an advantage. However, if you do not have the paper, that is not a problem as we can still make enquiries through the mortgage lender with some information about yourself, who the mortgage provider is and when you took your mortgage with them.
Any compensation you receive will be made by either the mortgage provider or the agent/broker who recommended the mortgage product to you.
In the event the mortgage provider is no longer in business, then a claim can still be made to the FSCS (Financial Services Compensation Scheme).
What Compensation Would I get if my Mortgage was Mis-sold?
The compensation you would receive from a lender for a mis-sold mortgage will vary widely, but it will likely include: –
- Compensation for the financial loss to you;
- Interest on top of the compensation.