Do you ever feel there is more month to your money than money to your month? Everyone has felt the pinch at times, wondering whether they will have enough money for x, y or z. With inflation and rates rocketing up, it is little wonder that everybody is looking for ways to cut back and count every single penny.
But what if I told you that you might have been overpaying some of your bills – or perhaps have possibly been mis-sold some things? Energy companies are often overpaid by us if we let them use estimates without giving in readings. Sometimes we overpay on other utilities and tax too. But did you know that you could potentially be owed hundreds of pounds from your mortgage too?
There are companies out there who aim to help you with your mortgage claims, reclaiming what is rightfully yours. It has been discovered that if you have been sold a mortgage after the 31st of October 2004, there is a real possibility that it could have been mis-sold. Rules around mortgages state that lenders and brokers must ensure that the mortgage is affordable – not just at the time of the sale but throughout the term, even into retirement. With people in the news for falling behind on their mortgage through no fault of their own, there are definite cases out there for mortgages being mis-sold – theirs obviously weren’t affordable for the whole term!
If a mortgage is established as mis-sold then there is a good possibility that you may have a compensation claim for losses. But how would you know if you had been mis-sold a mortgage in the first place? Did your broker/lender explain everything to you at the outset. If you were sold an interest only mortgage, it may have been sold as cheaper in the short term but you may not have realised that this will end up with you paying much more in the long run. Was this explained to you, were you given example and told you may have to switch to another type of mortgage at some point? If not, you have nothing to lose by starting a claim – you weren’t given all the relevant information!
There are plenty of different mortgage types so it is important to find out whether it was mis-sold. Using a service such as Claim Your Mortgage who offer a free no obligation consultation and assess whether you have a potential claim is advised, it is almost impossible for you to know for yourself if you have been mis-sold your mortgage. The information you will need to establish this is the name of your provider and the date your mortgage started.
There is also possibility to claim if the company who sold you it isn’t trading anymore (claims can be made against the Financial Services Compensation Scheme), you don’t own the property anymore that was mortgaged and if you had a joint account with someone you no longer live with – each of you may be entitled to some compensation.
Did you know about this – could you have a potential claim? If so, definitely look into it – you could be owed hundreds of pounds!
Disclaimer: Collaborative post