Oakwood Solicitors

Mortgage Mis-selling

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Increasing numbers of people across the UK are now looking into obtaining compensation for mortgage mis-selling, as a result of being let down by negligent Lenders and Brokers.

The Mortgage Code of Business came into force on the 31st of October 2004 and governs the relationship between mortgage Lenders and the borrowers. The rules state that both brokers and lenders must ensure that the mortgage sold to the borrower is affordable, not only at the time but throughout the entire term.

Mortgage Mis-selling

How can a mortgage be mis-sold?

There are many factors that may indicate that your mortgage has been mis-sold. Some of the most common ways are:

  • Debt Consolidation – If the Broker has advised you to secure all your unsecured loans, credit cards and other debt into your mortgage, this may be considered as negligent advice. Initially it may appear beneficial to lower your monthly outgoings. However, in most cases, you would be extending the term of your existing debt, ultimately incurring unnecessary interest and risking your home.
  • Your mortgage enters your retirement age – If you have been sold a mortgage that extends into your retirement age, you may struggle to afford to pay your monthly payments. The Broker should ensure that you will be able to make payments once you enter retirement and that your mortgage is affordable for the full term, not just at the time of the sale.
  • Interest-only mortgages – This repayment type seems to be sold as a ‘cheaper option’ to a lot of borrowers. In most cases, the Broker fails to explain to you the cost consequences of taking out an interest only mortgage. Without suitable advice from the Broker, you may end up without an appropriate repayment strategy to repay the mortgage amount at the end of the term, leaving you in financial difficulty.
  • Subprime Mortgages – Borrowers with poor credit history, CCJ’s, or low credit score may struggle to get a mortgage with high-street lenders and are advised to take out this type of mortgage. Subprime lenders typically charge more in fees and interest charges. If you had good credit rating at the time of re-mortgaging and were advised to take out a mortgage with a subprime lender, this could be considered as bad advice.
  • Self-Certification – A common indication that you may have been miss-sold is if the Broker encouraged you to self-certify your mortgage, despite you having the means to prove your income. Self-certification should always be used as the last option and not just to ‘fast-track’ your mortgage.

Subprime lenders have been investigated by the Financial Conduct Authority and have had requirements imposed on them in relation to irresponsible lending practices. Brokers and Lenders have a responsibility to ensure that your mortgage is suitable to your needs and circumstances at the time of you seeking financial advice and throughout your mortgage.

When might I be entitled to make a claim?

If you re-mortgaged through a Broker or mortgage Lender after the 31st October 2004 and believe they have failed to provide you with suitable advice, you may be entitled to claim.

How much will it cost to make a claim?

  • We operate on a Conditional Fee Agreement (CFA) – more commonly known as ‘no-win, no-fee.’
  • If we fail to secure you a settlement, you will not be charged.
  • Any charges will be deducted from your settlement, so you will not need to pay us anything out of your own pocket.



How much compensation will I receive? 

We cannot provide an exact figure until we have completed our investigation. However, typical values of claims are between £15,000 and £150,000. We have recovered thousands of pounds already for a number of clients.

Why choose Oakwood Solicitors?

You will have a dedicated advisor who will see your claim through from start to finish, assisting you in the event of any queries or issues you may have. Your case-handler will also continue to provide regular updates until the conclusion of your claim, ensuring the process is as stress-free and effortless as possible.


Junaid Sohail



If you believe or feel you have a claim regarding mortgage mis-selling, contact us for a free initial consultation regarding your options by emailing us at enquiries@oakwoodsolicitors.co.uk, or alternatively calling us on 0113 200 9787.

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