Claim Mis-Sold Mortgage Compensation

Mortgage mis-selling claims

The first step in making a claim for mortgage mis-selling is to complain directly to the party which was responsible for the mis-selling. If you bought your mortgage directly through a mortgage provider (such as a bank or other financial institution) then it is the mortgage provider who is responsible for the mis-selling. However, if you bought your mortgage through an independent mortgage adviser or consultant then you should make your claim against this person.

Every business which sells, arranges or advises on mortgages is required by FSA rules to have an internal complaints process in place. Normally, you must follow this complaints process until the business issues you with a final response. If you complain and the business does not respond, you will need to keep writing to the business, setting out your complaint, for 12 weeks - make sure that you keep copies of all letters sent. Once you have received a final response or your complaint has gone unacknowledged for 12 weeks then you can refer the matter to the FOS for consideration. You will need to complete a questionnaire and a statement explaining your complaint, and you will also need to send a copy of the final response from the business, or copies of all complaint letters which you have sent. You should act quickly to make a claim through the FOS as you only have 6 months from the date that the business issues its final response.

Once the FOS has received your referral, it will take over the running of your claim on your behalf. At this stage you will not need to do anything unless the FOS requests further information. It is important to note that the FOS has an extremely heavy caseload and that as a result your claim may take a substantial length of time to complete. Although the exact timeframe will depend on the complexity of your cases and how quickly the financial services provider responds to the FOS, it is not unusual for cases to take a year or more.