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What Are the Repercussions of a Mis-Sold Mortgage?

There is a lot more to a mis-sold mortgage than you think. Some simplify it as a case of being tied into a mortgage plan that is not right for you and that won’t exactly suit you. Think again. Having a mis-sold mortgage can affect you financially in numerous ways that can lead to quite serious consequences. Your mortgage becomes a big part of your life, and so the repercussions that come with it can grow and get worse the longer it is not picked up on. What can a mis-sold mortgage cause? We have got you covered with a small list of the impacts that can be caused by being mis-sold the incorrect mortgage for you and your lifestyle.

Incorrect Interest Rates

From being mis-sold the incorrect mortgage plan for you, something linked to and important in terms of your mortgage can also be affected: your interest rates. The added payment for your mortgage through interest rates is a bit of a thorn in the side for anyone with a mortgage, but with a mis-calculated mortgage scheme? It worsens the situation whereas you could be paying much more interest than you should.

Negative Equity

Negative equity is the term used to describe your financial state when your home drops in price as appose to rises. An example of this is if your home is worth £180,000 and house prices dropped by 10%, your home would then be worth £162,000. However, your mortgage balance would still be racked up at £180,000 plus interest. You can be left in this situation because of being mis-sold a mortgage scheme.

Unable to Actually Pay Your Mortgage

Eventually, due to this form of mis-selling, the ultimate knock on effect can be the inability to physically pay off your mortgage. This then obviously leads into the unfortunate state of repossession on your home. Nobody wants to be left feeling deceived and financially stuck because of circumstances such as financial mis-selling. So…

What Are You Going to Do About It?

The best thing for you to do if you realise early on that you have been mis-sold a mortgage is to contact the likes of The Mis-Sold Mortgage Experts. This is a team of highly skilled, knowledgeable solicitors who specialise in mis-sold mortgage claims. Rest assured, that from start to finish, this company will assist you in any way possible with your claim, ensuring that you get what you deserve at the end of it.

Get in Touch with The Mis-Sold Mortgage Experts

If these impacts are affecting you, then you should act fast. For first-class advice and help from a team of leading specialist solicitors, contact The Mis-Sold Mortgage Experts today! Call them on 0800 756 3986 or email them at info@missoldmortgageexpert.co.uk. Alternatively, you can get in touch by filling out their contact form on their contact page. Make the right decision and reach out to The Mis-Sold Mortgage Experts for guidance and help in reassessing your mis-sold mortgage.

April 2019
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