ALTRINCHAM, England, March 6, 2011 /PRNewswire/ --
- With Photo
Following recent high profile media coverage exposing serious mortgage mis-selling, leading consumer champion BrunelFranklin.com is launching an innovative new service aimed at getting consumers refunds against mis-sold mortgages. Visit http://www.BrunelFranklin.com or call 0800-051-5451 for further information.
Usually associated with endowment mis-selling refunds and PPI (Payment Protection Insurance mis-selling) refunds, Brunel Franklin is launching the new mortgage mis-selling service in response to customer demand.
Sally Bowyer, Managing Director of BrunelFranklin.com , said: "The mis-selling of home owner mortgages has become a major problem in recent years and months. As a result, the Financial Services Authority (FSA) is clamping down on a number of mortgage brokers accused of mis-selling mortgages. In 2008 the FSA delivered a key message that it was concerned about some mortgage brokers selling contracts to potential home owners and either concealing details about the mortgage or encouraging them to inflate their income for the purpose of gaining a larger mortgage. This, together with recommendations to take interest only mortgages with no means to repay, are just some of the examples of mortgage mis-selling; if you believe that you were mis-sold a mortgage you may be able to claim a refund as a result."
In one recent high profile case of serious blanket mortgage mis-selling, the FSA commented: "On lending practices, (one lender) failed to show that customers could afford mortgages sold where the term continued after their retirement, failed to consider whether there were cheaper mortgages available for customers seeking self-certified mortgages, and failed to ensure that customers had thought about where they would live at the end of the term if they needed to sell their house to pay off an interest-only mortgage."
Worryingly many people do not realise they were mis-sold a mortgage at the point of sale. In some cases individuals are under the impression that steps taken by the mortgage broker were in their interest when in fact the sales person may have been benefiting from additional commission.
Industry commentators believe that over 300,000 people in the UK have a mis-sold mortgage. As a result many of those individuals may be entitled to a form of compensation. The first thing you should do is locate all the relevant paperwork and make sure everything is in order. Most specialist companies such as BrunelFranklin.com can be contacted via phone or their website. Once it has been established that you have been mis-sold a mortgage then you can proceed with your application.
There is no set amount for the refund you could receive as each case is looked at individually. Commonly the size of your mortgage and the severity of the mis-selling will determine how much you receive.
In recent years more and more home owners have realised that they may have been mis-sold a mortgage and as a result are thinking about or have made a claim relating to their mortgage. Not everyone who applies will qualify for a payment; however there is no doubt that there may be thousands of people in the UK who are entitled to a refund.
To find out if Brunel Franklin can help you get a refund against a mis-sold mortgage, just log on to http://www.brunelfranklin.com . Alternatively, you can telephone 0800-051-5451 free of charge.
Note to Editors:
A picture accompanying this release is available through the PA Photowire. It can be downloaded from http://www.pa-mediapoint.press.net or viewed at http://www.mediapoint.press.net or http://www.prnewswire.co.uk.
Photo: Sally Bowyer, MD of BrunelFranklin.com
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