Circumstances When You Become a Victim of Mis-Sold Mortgages
There are different ways by which you can be victims of mis-sold mortgages. You may have a bad agent who did not advise you on time about the change in the rate of interest and as a consequence this may adversely affect your financial status. This is a very common phenomenon in case of fixed rate mortgages. This mostly happens when you are not informed by the broker in time that the tenure of your repayment has ended and that there has been a change in the rate because of a revised standard rate being provided by the lender. In this way there would be a substantial increase in the mortgage repayment plan.
You can also become a victim of mis-sold mortgages, if you get hold of a high street mortgage in case of a sub-prime mortgage. Sub prime is a sort of a mortgage type which is specifically given to people with a bad credit history and also to those who in the past had several problems in repaying loans in time. These sorts of mortgage repaying option are also given to those who do not have a standard way of making an income in life. Thus, in the manner if you get hold of sub prime loans in place of high street loans due to the sheer carelessness of the broker then it becomes apparent that you have become a part of the mis sold mortgage system.
Linda Platel says:
Saturday, July 9, 2011 at 10:40am
I was sold a M.R.P about 10 years ago and in 2004 I was in hospital for a major opp, I was told my M.R.P would cover my mortgage payments but found out there was a short fall and I had to top up my mortgage payment, when I asked why the short fall I was informed I need to check with the bank every few months does my M.R.P cover the whole of my morg, this left me paying my M.R.P every month and topping up my mortgage payments every month while I was off sick. What do I need to do now ?