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This article has been written on behalf of Enness Private Clients, who offer an expert and focussed service specifically for clients requiring large mortgages. As a specialist London mortgage broker they work with people from all walks of professional life: from lawyers, hedge fund managers and board directors to entrepreneurs and self-employed business people.
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Claims management companies in the UK [url=http://shimakyu.jp/cgi-def/admin/C-002/keiji/visit/main.pl?PAGE_NUM=1%2B%2B%2B%2B%2B%2B%2B%2B%2B%2B%2B%2BResult:%2Bchosen%2Bnickname%2B%2522AlyssaSwager%2522;%2Bregistered;%2Blogin%2Bfailed;]hollister outlet Automotive F[/url] are turning their attention to the possible mis-selling of interest-only mortgage loans. However, mortgage lenders and the Financial Ombudsman Service (FOS) have warned that the claims are unlikely to succeed.
With billions of pounds in compensation having already been paid out to people who were mis-sold payment protection insurance (PPI), claims management companies are now [url=http://www.rtnagel.com/airjordan.php]jordan pas cher[/url] set to [url=http://www.expatmena.com/activity/p/206003/]barbour pas cher soldes How To Pick an Auto Maintenance Program - written by Penny Armstrong[/url] turn their attention to the mis-selling of mortgages.
Many companies believe that mortgages are the next mis-selling scandal and believe that large mortgage customers could be due thousands of pounds in compensation. However, regulators believe that the majority of mortgage customers have been advised correctly and that mis-selling claims are highly unlikely to result in a compensation payout.
Claims management companies believe large mortgage clients may be due compensation
The Guardian newspaper reports that a number of claims management companies are soon to launch websites and TV advertising campaigns aimed at targeting borrowers who think they may have been [url=http://www.shewyne.com/woolrichoutlet.html]woolrich sito ufficiale[/url] mis-sold a mortgage.
While the advertising will mostly concentrate on 'interest only' mortgages, claims companies will also be targeting borrowers of other types of mortgage. [url=http://www.teatrodeoro.com/hollisterde.php]hollister[/url] This is despite warnings from lenders and also from the Financial Ombudsman Service (FOS) who say that such claims are very unlikely to succeed.
Claims management companies believe that a large number of people who took out interest-only home loans were not subject to adequate checks on the repayment vehicle they had or should [url=http://www.fibmilano.it]woolrich outlet[/url] have had in place. Some home owners may now be facing large debts at the end of their mortgage term, when they would have expected to have paid off the debt entirely. The total value of claims could be similar to that for payment protection insurance.
Some lenders have [url=http://www.fibmilano.it]woolrich[/url] already abolished 'interest only' loans and many have tightened the criteria for taking out a mortgage on this basis. However, the recent mortgage [url=http://www.davidhabchy.com]barbour outlet[/url] market review by the Financial Services Authority did not ban this type of loan and many high net worth finance customers use [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour france paris[/url] interest only lending to good effect.
The Guardian reports that claims management companies are already fighting among themselves for what they perceive to be future mis-selling business and some companies are believed to be launching major initiatives [url=http://www.davidhabchy.com]barbour sale[/url] around mis-sold mortgages at the end of 2012. However, unless a company can demonstrate that the individual they are representing has suffered a tangible loss then there is no claim to be made.
A spokeswoman for the Council of Mortgage Lenders [url=http://www.ubimap.net/cgi-bin/aska/aska_ii.cgi]abercrombie soldes What Exact[/url] says: "We strongly believe that the overwhelming majority of mortgages have been sold and administered in line with [FSA] standards.
"If a borrower believes they have a legitimate reason to think [url=http://www.diecastlinks.co.uk]hollister uk[/url] that the standards were not met, then we would urge them to follow up their concern with the broker or lender who sold them their mortgage. If they remain dissatisfied, the Financial Ombudsman Scheme can decide whether there [url=http://www.marrakech-hotel.fr]hollister france[/url] is a case to answer."
However, in many cases, interest only loans have been recommended to clients for good reasons. Many large mortgage clients need the flexibility of an interest only home loan because they have a variety of repayment plans in place. While there may be isolated cases of mortgage mis-selling, it is unlikely that claims management companies will be able to succeed with thousands of claims as they have with PPI.
This article has been written on behalf of Enness Private Clients, who offer an expert and focussed service specifically for clients requiring large mortgages. As a specialist London mortgage broker, they work with people from all walks of professional life: from lawyers, hedge fund managers and board directors to entrepreneurs and self-employed business people.
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PPI claims companies turn their attention to mortgagesArticle Summary: Claims management companies in the UK are turning [url=http://www.par5club.com/louboutin.php]louboutin pas cher[/url] their attention to the possible mis-selling of interest-only mortgage loans. However, mortgage lenders and the Financial Ombudsman Service (FOS) have warned that the claims are unlikely to succeed.