Mortgage Express was one of the most significant mortgage lenders in the UK. The company was established in 1989, specifically to offer mortgages to people who had trouble getting lending from High Street banks. In 2008, the Bradford & Bingley Bank, which owned Mortgage Express, went into nationalization, and the company stopped providing mortgages. However, thousands of customers were left with toxic or unsuitable mortgages, leading to the need for Mortgage Express refunds.
If you’re a former Mortgage Express customer, you may have been mis-sold one of these mortgages. A broad range of factors could have contributed to this, including inappropriate advice that led you to take out a loan you couldn’t afford, not being adequately informed about how your mortgage worked, or being pushed into taking out a loan that wasn’t suitable for your needs.
Whatever the reason may be, if you believe you have been mis-sold a Mortgage Express mortgage, you could be entitled to a refund.
Types of Mortgage Express Mis-selling
Mis-selling is the act of selling something to someone who doesn’t understand the risks or implications. Mortgage mis-selling can happen, for example, when:
– You were advised to take a mortgage that wasn’t suitable for you.
– You weren’t given adequate and transparent information about how your mortgage would work and what the charges and fees would be.
– You were advised to take out a loan that placed undue risk on you, for example, because you’d be reliant on selling a property that was unlikely to fetch the right price.
– The lender did not carry out the necessary affordability checks before granting you a mortgage.
In each case, the buyer was led to believe that the mortgage was the best option for them, despite the risks involved.
How Mortgage Express refunds Work
Mortgage Express refunds can come in various forms:
– Full refunds: This is where the borrower is refunded every penny they’ve paid out
– Part refunds: This is where the borrower is refunded part of the money they’ve been charged.
– Reduced mortgage payments: In this case, the borrower has their future monthly payments reduced to reflect the unfairness of their previous payment terms.
– Write-offs: This is where the lender writes off some or all of your outstanding debt.
Each claim is different, and the amount and type of compensation you’ll receive will depend on the specifics of the case.
How to Claim Your Mortgage Express Refund
If you believe that you were mis-sold a Mortgage Express mortgage, the first step is to contact your lender to request a refund. Your lender will then investigate your claim, and in most cases, a response will come within eight weeks. Most lenders have set up separate compensation funds to deal with mis-selling, so even if your lender no longer exists, you can still make a claim.
If the lender denies your claim, you can escalate the issue to the Financial Ombudsman Service. This service will conduct an independent investigation and issue a ruling on whether you’re eligible for compensation.
You can also hire a claims management company to help you with your application for a fee. However, be aware that these companies often take a percentage of the compensation payment you receive.
Conclusion
Mis-selling of mortgages is a significant issue in the UK. If you feel that you were mis-sold a Mortgage Express mortgage, you could be eligible for a refund. Mortgage Express refunds can come in different forms, depending on the specifics of the case. The process of getting your money back can be complex, but with the right approach and guidance, are achievable. The Financial Ombudsman Service can help if you’re having trouble with your claim, and claims management companies can also assist you in making a claim. But ultimately, if you believe that you may be eligible for a refund, it’s essential to take action and seek the compensation that’s rightfully yours.