The Financial Conduct Authority has ruled that many interest-only mortgages have been mis-sold as they were not explained fully to customers. Victims may be able to claim compensation through the FSCS.
But with the appeal of low monthly repayments strong, they are still the mortgage of choice for many people going down the buy-to-let route. Without a specific reason like this, however, most people would be better off with a repayment mortgage.
Unfortunately, the Financial Conduct Authority has found that this has not always been explained properly to borrowers by the people selling them their mortgage.
Given the risks involved with interest-only mortgages and the small proportion of people who they would suit, the FCA sets out guidelines that lenders, brokers and advisors must follow.
If any of these are broken, and the company doesn’t meet their obligations, it could leave you financially worse off or in distress. This would count as mortgage mis-selling.
Here at Money Savings Advice, we have partnered with some of the UK’s leading Financial Claims management companies. They have already helped thousands of people claim compensation for mis-sold financial products, and they can do the same for you.
Choosing an independent claims management company means they won’t proceed with a claim unless they are sure it is in your best interests. They are also regulated by the FCA, which gives you an additional layer of protection.
If you would like to speak to one of these claim management companies who can help you make a compensation claim, then click on the below and answer the very simple questions.
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