As new regulations emerged in 2004 in the mortgage market, an opportunity arose to assist the people who had previously been dealt with poorly during a mortgage contract. Mortgage brokers and advisors before 2004 had only a voluntary code to adhere to.
This meant that some mortgage professionals decided to not comply with standard procedure and as a result, many unsavoury practices were rife throughout the mortgage system and some of these bad practices continued even after new regulations took hold.
In other words, some advisors and brokers convinced their clients to take out a mortgage that they knew was not truly suitable for them at that time. The role of a mortgage broker is as the person who acts as the middleman between customer and a financial institution, such as a bank or a private lender.
They ensure that everything is completely explained, in words that the client can understand so that they know what it is they are agreeing to. Without a mortgage broker, people would not be able to pick and choose mortgages as easily as they can, to ensure that they have the best situation for their circumstances.
What can be done if mis-selling has taken place?
These issues were widely recognised after the regulations came into effect and were further tightened in 2009. Many people do not even know if they are a victim of mis-selling, but it is somewhat likely that if they were sold a mortgage by a solicitors or advisor between late 2004 and late 2009 that they are due compensation.
Solicitors in Portsmouth are a dedicated team that have many years of experience in working with these cases and are waiting to help their clients recover the money that is owed to them. It is important to be deeply knowledgeable in this field and up-to-date with any recent developments which is exactly where this team is eminently qualified.
Whether a client has lost their paperwork, cannot remember the name of the broker or even if they are still in business, there is still hope as this knowledgeable team are able to obtain all the relevant information.
It doesn’t matter what kind of mortgage a person has been mis-sold, help is available every step of the way to make sure that the client is able to receive the money that is owed to them. Through a series of steps that the lawyer covers, lost paperwork or run-down businesses can be recovered and proven to be owing to the person who has been mis-sold to.
It is important that each individual feels comfortable when they seek the help and advice of a mortgage market broker or advisor. Buying a house is one of the biggest financial commitments that most people undertake and it is certainly life changing, especially if it does not go smoothly. By making sure that everything is done in favour of the client, they can feel comfortable in knowing that they are getting the help they deserve.