Buying a house is the single biggest purchase many of us make and for that reason, house buyers rely on mortgage professionals to navigate the maze of mortgage options. It can be disappointing if you learn that you may have been let down by the advice you've received and that your mortgage may have been mis-sold.
A mis-sold mortgage could mean that you are trapped in your current mortgage, unable to move or rectify the problem. In more extreme cases individuals may face repossession of their family home causing massive upheaval and distress.
The reasons for mis-sold mortgages vary widely and each case is different. That's why here at Financial Recovery Solutions we have an expert team dedicated to identifying where mortgages have been mis-sold.
The Financial Services Authority (FSA), which was the regulator for the mortgage industry at the time, was so concerned about the potential harm caused as a result of poor practices that it conducted an in-depth review over several years.
(Source FSA Mortgage Market Review)
Nearly 50% of borrowers that took out a mortgage since 2005 are "mortgage prisoners" - they are stuck in their current mortgage unable to move because of arrears or low equity in their property.
Over 25% of regulated mortgages sold since 2005 go beyond the borrower's retirement age. This can cause severe difficulty for the borrower if they are unable to continue with mortgage repayments.
If your mortgage is with a sub-prime lender then you are 18 times more likely to face repossession of your property. Generally speaking, you should only be placed with a sub-prime lender if you have found it difficult to get a mortgage elsewhere.
75% of interest only mortgages have no repayment strategy in place. The FSA estimated that there are approximately 1.5 million interest only mortgages due for repayment over the next 10 years. An interest only mortgage may have been recommended to you when it was totally unsuitable for your circumstances.
Complete the form or call us today and our advisors will look into your claim.
"Great service, would use again and recommend to anyone. Received more than I thought. Would not have got this amount if it wasn’t for the work FRS did on my behalf. Thank you."
Mr. S Johnson - Halifax
"I never would have dreamed that the bank I had been dealing with would have 'pulled a fast one'."
Mr D Davies - Barclays
"You have dealt with a lot of claims for me which has been very helpful in improving the standard of living that I have."
Mrs B Mould - Lloyds Bank
"Very grateful for what you have achieved for me, I would never have done this myself. Thank you very much."
Mrs. S Walsh
"I wasn’t going to bother, but I’m glad I did. Everything was sorted very quickly, excellent communication. Very pleased."
Mrs. M Berrecloth
"For all the staff at at FRS a big thank you for everyone’s help in supporting me through my claims. I found it relaxing and not stressful, it’s greatly appreciated. A big thank you to you all."
Mrs. P Goddard - MBNA
"The service we received from FRS was first class. The staff are very friendly and extremely efficient."
Mr & Mrs Lavin - Halifax
"I found FRS to be very good they kept me informed at all times. They treated you very well and when I phoned them the service and information were easy to understand. I would rate this company at 10 out of 10"
Mr. J H Robinson - Barclays
"I'd never wanted the hassle of dealing with the banks but FRS took all the pain away!"
Miss M Hayward - Lloyds
"From the start to the end of the process, the whole experience of dealing with FRS was first class. I would recommend them 100%"
Mr. A Owen - Lloyds
"Was such a large amount and what a great service. Never did I think I would get back so much money. And it was so easy. Thank you all at FRS. A very big thank you."
Mr. M Grundill
"You have handled the case very professionally with superb correspondence and an excellent outcome, what more can I say, very pleased. Thanks."
Mr. & Mrs. King
All figures above show amount calculated after deduction of taxes and fees