At 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
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Tags: fsa, mis-sold mortgages, mortgage brokers
Good article. Mortgage misselling must be everywhere. Who is Gravitas?
Thank you for your comments Xavi. Missold Mortgages is a trading title of Gravitas Law Ltd. who are a reputable claims management company.
The FSA launched an investigation into mortgage misselling not too long ago and found evidence of money-hungry brokers misleading their clients into mortgages they could not afford.
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