Similar to financial mis-selling, If the person who advised you is a regulated financial adviser they must recommend a suitable mortgage for you and your family’s needs and explain properly what the product can and can’t do.
Mis-sold mortgage examples (including endowments)
Some ways you might have been mis-sold a mortgage:
- Your mortgage end date is after your retirement date
- You weren’t told about the commission the adviser would receive from the lender
- You were advised to self-certify (borrow money without proving your income) or overstate your income in order to borrow more
- You were advised to switch lenders and weren’t told about the fees and penalties
- You were given a fixed-rate mortgage and told to re-mortgage to a better deal later, then incurred penalties for leaving the fixed rate early.