Mortgage News
Mortgage mis-selling service targets brokers
Financial claims specialist BrunelFranklin.com has launched a mortgage mis-selling service aimed at helping “many thousands” of consumers get compensation from brokers.
It said the service has been launched following the FSA’s increasing clampdown on mortgage brokers accused of mis-selling deals.
BrunelFrankline.com said industry estimates suggest 300,000 people in the UK have been mis-sold a mortgage and may be entitled to compensation.
Sally Bowyer, managing director of BrunelFranklin.com (pictured), said: “In 2008, the FSA delivered a key message that it was concerned about some mortgage brokers selling contracts to potential home owners and either concealing details about the mortgage or encouraging them to inflate their income for the purpose of gaining a larger mortgage.
“This, together with recommendations to take interest-only mortgages with no means to repay, are just some of the examples of mortgage mis-selling.”
BrunelFrankline.com said that many borrowers do not realise they have been mis-sold a mortgage and believe their broker was working in their interest when “the sales person may have been benefiting from additional commission”.
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