Mortgage claims (A complete guide)

In this brief blog, we are going to talk about mortgage claims. How mortgage claims can help you if you feel you are due compensation from your mortgage lender.

Who are mortgage claims?

Mortgage claims are a UK based company which helps you file a mortgage claim. Mortgage claims will perform a mortgage assessment to determine if they can help you get potential compensation. The mortgage assessment is free and mortgage claims will let you know if you are eligible as soon as you have completed the mortgage assessment.

To fill in the mortgage assessment form you will need:

the name of your mortgage provider

The date the mortgage started

The mortgage value when your mortgage commenced

You may be eligible for a mortgage claim if any of the below applies to you: 

You took out a mortgage after 01/07/1995

Your mortgage has been running for over 6 years

If you have had an interest-only mortgage with no plan on repaying the interest-only mortgage.

If you have ever consolidated any debts to your mortgage such as credit cards, loans or a home improvement loan

Have you ever missed any payment on your mortgage or been in mortgage arrears.

You may still be eligible to claim if:

You had a joint account with someone you no longer live with; each person may be entitled to compensation

You don’t currently own the property that was mortgaged

The broker or advisor who arranged your mortgage is no longer trading. It may still be possible to pursue a claim with the Financial Services Compensation Scheme (FSCS).

The mortgage claims website about us section states the below “ At Mortgage.Claims our mission is to help you identify and seek any compensation you may be owed from your mortgage lender or broker.

Unlike claims of the past which may have recovered several thousands, mortgage cases can result in higher compensation values due to the higher value of mortgage loans.

What does this mean to you? Put simply, confidence! You can feel confident that our assessment is thorough and precise by ascertaining the merits of potential claims.

If your assessment is successful, our results can then be utilised by one of our panel of solicitors, to help them prove you are entitled to compensation and quantifying how much you are owed.

If you have had a mortgage, or even multiple mortgages, in the UK, Mortgage. Claims are waiting to help assess these and identify if you may be owed compensation on one or more of your mortgages.

Mortgage Claims is part of ME Legal & Financial Limited. We are specialists in seeking compensation for financial mis-selling and miscalculation cases. ME Legal and Financial Limited are authorised and regulated by the Financial Conduct Authority (FCA) for regulated claims management services. Our temporary permission firm reference number is: 829976. “

What will mortgage claims look for?

At Mortgage claims will do a mortgage assessment for you and will look for either or both of:

Negligent mortgage advice

Overcharging

After submitting your mortgage assessment information, mortgage claims will look at your information to see if they can potentially get you compensation. If Mortgage claims think they may be able to get you compensation they will then connect you with a solicitor from their panel of solicitors on a no-win, no fee basis.

You don’t have to use mortgage claims to process the claims process. You can use your own legal representatives or refer your case to the financial ombudsman. The financial ombudsman are free to use and may be able to award you compensation.

Mis-sold mortgage

You may have been mis-sold a mortgage if you took advice from a mortgage broker financial adviser.

Mortgage Mis-selling can happen in different ways and most people will not know if they have mis-sold a mortgage. Once you have filled in the mortgage assessment form then mortgage claims will let you know if you have been mis-sold a mortgage.

When you take out a mortgage through an adviser, the financial regulator insist that the mortgage advisor must have looked at if it is possible for you to afford the mortgage and you are able to afford the mortgage from now till the mortgage term ends. If you have been given a mortgage you couldn’t afford due to being given incorrect mortgage advice then you may be able to claim compensation from the day you took out the mortgage.

If you have taken out an interest-only mortgage then the mortgage advisor and the mortgage lender should have checked to ensure you have an adequate capital repayment vehicle which you will need to use at the end of the mortgage term to repay the capital borrowed on the mortgage initially.

A mortgage may have been mis-sold if:

You were advised to take a mortgage which you cannot afford

You were advised to take a different mortgage product because the mortgage broker will get a bigger commission

You will reach your retirement age before your mortgage ends

The mortgage broker intentionally submitted incorrect info in order for you to get a bigger mortgage offer

You were advised to take a mortgage product that was not suitable for your circumstances

You were advised to consolidate your debts into your mortgage. This could be a credit card debt, personal loan debts etc.  You have consolidated your debts by remortgaging.

The mortgage broker did not inform you about the commission they would receive from the mortgage.

Your mortgage lender or mortgage advisor advised you to switch mortgage lenders without being told about the costs of switching a mortgage or any of the fees involved.

The mortgage lender did not carry out any checks to ensure you can repay the mortgage.

Mortgage Overcharging

Mortgage overcharging is when a mortgage lender makes an error in its interest rates calculations and provides a borrower with an incorrect monthly mortgage payment which the borrower pays.Mortgage overcharging could also occur when a borrower makes an overpayment but the mortgage lender doesn’t take this into account and the borrower then makes incorrect monthly mortgage repayments.

Your mortgage may have been overcharged if any of the below applies to you:

“You are likely to have been overcharged if:

You have ever fallen into arrears with your mortgage

You have been charged excessive administration fees or arrears fees

The lender paid your broker or advisor a fee that was added to the mortgage

You made a mortgage overpayment

You are a ‘mortgage prisoner’ – trapped in your current mortgage and unable to switch to a new one”

No win No fee

The mortgage claim process is no win, no fee. This means that you will not pay anything to have your cases assessed or accepted. Once you sign up to one of the lawyers on the mortgage claims platform you will have a 14-day cooling-off period in which you can terminate the agreement. If you terminate the agreement outside of these 14 days you may be charged for costs which the lawyer has incurred.

Not all cases are successful. There is no charge if your case is unsuccessful.

How to contact mortgage claims?

You may contact mortgage claims through the below:

Via telephone on: 01625 800 617 or by address at ME Group, B26 Alderley Park, Congleton Road, Nether Alderley, Macclesfield, SK10 4UN

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.