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Posts Tagged ‘mortgage brokers’

Mis Sold Mortgages

Monday, February 15th, 2010

Gravitas Law mis selling specialists

Mortgage mis-selling, mis-sold mortgages, mis-selling mortgages, mortgage claims, morgage mis-sold, mortgage mis-representation, miss-sold mortgages It does not matter what you called it or how you spell it, mortgage claims for compensation are increasing.

Consumer awareness is rising with regards to the quality of the advice they received when they took out a mortgage or a remortgage. If the mortgage was arranged by a mortgage broker, they had a duty of care to provide suitable advice.

The broker needed to assess yourneeds and circumstances and based on the information make a suitable product recommendation. The majority of mortgage brokers will put your interests first and recommend a suitable product. Gravitas Law can audit your mortgage and identify any breaches or mistakes caused by any of the professionals involved in the mortgage process.

Regardless of what you called mortgage mis-selling or mortgage mis-represenatation, if there is a possible claim Gravitas Law will identify it and suggest the best route to achieve compensation for your losses.

Good advice is not a matter of spelling or semantics but a necessity in a very complex and regulated market.

Mortgages Granted without Affordability being Assessed

Friday, January 29th, 2010

The financial situation of some families is getting desperate despite the low interest rates, we can only foresee that situation will get worse before it improves.

A recent report from the charity Homeless showed that home-owners are often using other sources of credit to fund mortgage or rent payments. More than one million home owners are borrowing money on credit cards to pay housing costs.

Some 2,022 adults were surveyed, with six per cent of participants liable for rent or a mortgage admitting they had used a credit card to fund payments over the past year.
Kay Boycott, director of policy and campaigns at Shelter, described the findings as a “shocking discovery”…

Ms Boycott added: “It is absolutely vital that every single person using credit cards in this way seeks advice urgently to get the help they need to ensure they don’t lose their home.”In some circumstance mortgages were granted without affordability being properly assessed.

The Bank of England has confirmed that mortgage approvals in the UK has increased to their highest level for over a year.

Figures for November 2009 show 60,518 house purchase loans were agreed – the largest number since October 2008.It is still long way to for the property market to recover.

Are you a victim of bad advice?

Thursday, January 21st, 2010

Sold signs on row of terraced houses newly mortgagedAt the start of 2001 the property market was in full swing, with house prices growing month on month. Mortgage finance was freely available with many new lenders coming to the market, predominately from the United States.

With the market being so buoyant there was a large influx of new mortgage advisors due to the regulation being a voluntary code, meaning almost anyone could become an advisor.

During this period the number of mortgage transactions was at an all time high, with a large percentage of the deals arranged through mortgage brokers.

You would think that as these brokers were advertising as being independent and offering to secure the best deal for you, there would be no problem.

This was not the case as often mortgages were mis-sold, ensuring you got the deal that paid the broker the most commission.

1st November 2004 was a landmark date when the Financial Services Authority took over the regulation of mortgages.

You would think that this put a stop to the bad advice. Well you would be wrong!

In 2008 the Financial Services Authority were growingly concerned with the level of mortgage mis-selling. You only have to read the mortgage press at the moment and you will see mortgage brokers banned every week.

To find out more information and to see if you have been mis-sold a mortgage then visit www.gravitaslaw.co.uk or telephone 0800 612 7014

Mis sold Mortgages is a trading style of Gravitas Law Ltd.

Gravitas Law is regulated by the Ministry of Justice in respect of claims management activities.

Our registration is recorded on this website: www.claimsregulation.gov.uk
Our Authorisation no. is CRM15800.

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