If you’re a UK homeowner like me, particularly one that bought in the last 5 years, I’m sure you’re miserably aware just how much property prices have fluctuated since the credit crunch.
We’ve covered the scandal of mortgage misselling before – and how thousands of UK householders have been getting their money back. with an average settlement of £40,000.
But we didn’t cover all the reasons in detail that could help you figure out of you’re one of the affected householders.
As you’ll see, there’s quite a few of them!
Basically, if you arranged your mortgage through an intermediary (a broker, financial adviser or call centre) and the cost of repaying it has become a struggle, ask yourself these five questions and you’ll soon know if you have a claim.
If you think the tricky lending climate has shifted in borrowers’ favour, think again. As these three tales show, sometimes even the most reasonable request for a mortgage can be doomed to rejection…
How to get money back if you were sold an unaffordable mortgage
Consumer Watchdog, Mortgages 4 CommentsIf you took on a risky mortgage during the last decade, you weren’t alone. Thousands did, under the advice that the booming property market made for an unmissable opportunity. Chances are it left you under severe financial pressure.
But it might not only be you who’s responsible.
The FSA uncovered evidence that thousands of UK homebuyers were systematically mis-sold their mortgage deals by a system of greedy lenders and middlemen.
It’s the UK financial industry’s largest mis-selling problem yet. And now thousands of householders who received bad mortgage advice are getting their money back.
Read on to find out if you’re likely to have been mis-sold a mortgage.
What would you rather go £27k into debt for? Tuition fees or a house deposit?
Debt, Mortgages 1 CommentFrom 2012, university tuition fees are going stratospheric. Universities will be able to charge up to £27,000 for 3 year degree courses: almost a trebling of the current £3,290 annual cap on fees.
When you realise £27,000 is enough for a 15% deposit on £180,000 house, which would you rather go into that much debt for?
With house prices at a relative slump and base rates at an incredibly long-lived half a percent, shouldn’t we be ploughing any money we can into either buying our first houses or paying off our mortgages?
