Research, conducted for BDRC Continental for Mortgage Solutions, found that 57% of brokers said they were either not very concerned or not concerned at all about the possibility of receiving claims.
The FCA has previously stated that there is no evidence of widespread mis-selling of interest-only mortgages.
However, some interest-only borrowers have stated that they were not made aware that a separate repayment strategy was needed to clear the debt by the end of their interest-only mortgage term.
Around a third of brokers said they were fairly concerned about the rise of claims management companies with a further 11% describing themselves as ‘very concerned’ about the situation.
How concerned are you that this will give rise to mis-selling claims by some interest-only borrowers?
Very concerned 11%
Fairly concerned 30%
Not very concerned 18%
Not concerned at all 39%
Not aware of the issue 2%
Source: BDRC Continental, Project Mercury. Results based on interviews with a random national sample of 100 mortgage intermediaries (brokers and IFAs), 14-30 May 2013
Mortgage Solutions‘ Marketwatch feature this week explains how brokers can protect themselves from claims management companies.
