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Mis-sold Mortgages

The tempting investment that gave you more choice, but more risk too.

If you’ve lost money switching to a Self Invested Personal Pension (SIPP), it’s possible we can recover it for you. Better still, we can probably tell you just by speaking to you on the phone, free of charge. SIPPS were set up to offer a wider choice of investment opportunities than conventional personal pensions, including land, overseas developments and self-storage units. But there’s a catch you that should have been made aware of: the products that SIPPs depend on are risky to invest in, so returns are unpredictable. That also means you should have been advised to commit only part of your pension to SIPPs, not the whole lot. If you can tell us about your SIPP investments and the advisor who helped you choose them, we can tell you how much money we could recoup for you, without you paying a single penny upfront.

If you have been advised, at any time in the last 15 years, to take out an interest-only mortgage with no means of repaying the loan at the end of the mortgage term you could be entitled to substantial compensation. This is because your mortgage adviser and your lender should have made sure that you would have been likely to be able to afford the repayments under the mortgage when you first took out the loan, and during the term of the loan, and at the end of the loan. If this assessment was not satisfactorily completed this is where compensation may be claimed.

Potentially suitable long-term savings schemes to run alongside interest-only mortgages include endowment policies or regular premium unit-linked savings schemes.

There are other circumstances where mis-selling of mortgages could lead to a compensation claim. For example, if you have been advised to re-mortgage your home to raise money to repay other borrowings or debts, you should have been advised that, although the interest rate on your mortgage was probably lower than the rate(s) on your debts, the term on your loan could mean you’re paying significantly higher repayments overall.

Other instances of possible mis-selling include re-mortgages for other reasons, for example, to raise money to put into a business or pay for home improvements.

Very importantly, if your mortgage term took you near to, or beyond, your projected retirement age our compensation claim will carefully examine whether you could be expected to meet the mortgage repayments at that time.

Overall, then, if you fit into any of the categories noted above, or otherwise feel that you may have been misadvised or mis sold on your mortgage or re-mortgage, contact United Claims Management urgently for a free initial appraisal, without obligation.