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Exposing the Hidden Commissions in Your Financial Products: Are You Getting the Best Deal?

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Post: Exposing the Hidden Commissions in Your Financial Products: Are You Getting the Best Deal?

💥 MIS-SOLD MORTGAGES — KNOW YOUR RIGHTS

🏠 INTRO: UNDERSTANDING MORTGAGE MIS-SELLING

A mortgage should be clear, affordable, and suitable for your needs. However, in some cases, important details may not have been fully explained, or the product may not have been appropriate for a customer’s circumstances.

The Financial Conduct Authority (FCA) states:

“A mortgage is one of the most important financial decisions a person can make. Lenders must ensure the mortgage is affordable and suitable.”

According to the Financial Services Compensation Scheme (FSCS), some common issues reported include:

– Borrowers not fully understanding the long-term costs.
– Changes to interest rates affecting affordability.
– Fees or terms not being made clear at the outset.

  • Did you feel unclear about parts of your mortgage agreement?
  • Were you encouraged to take a product you later realised was unsuitable?
  • Were certain fees, rate changes, or conditions not explained clearly?

❓ COULD YOU HAVE A CLAIM?

If you believe your mortgage was arranged without full, clear, and suitable advice, you may be entitled to make a complaint. Common indicators include:

  • The mortgage did not seem affordable based on your circumstances at the time.
  • Charges, fees, or costs were not made clear.
  • You were not warned about potential interest rate increases.
  • The loan amount was higher than you needed or could comfortably manage.
  • Your income, debts, or other commitments were not fully considered.
  • You were sold a tracker or interest-only mortgage without clear explanation of the risks.
Mortgage Information

💪 HOW TO MAKE A COMPLAINT

If you think you may have been mis-sold a mortgage, you have the right to raise a formal complaint.

🔥 STEP 1: LOCATE THE COMPLAINT CONTACT

Visit your lender or broker’s website and find their “Complaints” section. This should provide the postal address, email, or online form to submit your case.

📝 STEP 2: SET OUT THE FACTS

Be clear and factual. Include the reasons you believe the mortgage was unsuitable for you, referencing dates, conversations, and documents where possible. Attach copies of any relevant paperwork.

Lenders usually have 8 weeks to respond. If you’re unhappy with the outcome, or do not receive a response, you can escalate your complaint to the Financial Ombudsman Service:

www.financial-ombudsman.org.uk

🔍 STEP 3: REQUEST YOUR INFORMATION

If you do not have all the details of your mortgage, you can make a Data Subject Access Request (DSAR) to your lender. They have one month to provide copies of all personal data they hold about you.

Include your full name, date of birth, and any addresses linked to the mortgage to help them locate your records.

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