Mortgage Claims- Is it Worth Claiming at All?
Is it worth having a look at your mortgage agreement to see if it is unfair or even unenforceable and making a mortgage claim?
There are several companies who offer the service of taking a look at your mortgage to see if it is unfair or unenforceable. There are many reasons given why a mortgage agreement might be unfair and these differ from company to company. The best advice is to gather as much information as possible from as many firms offering the mortgage claim service.
The fees charged also vary from company to company so shop around on price. Don’t pay anything until you are sure you have a case. Companies are willing to take money before they have even seen the agreement or mortgage offer. This is wrong. They cannot tell you if you have a mortgage claim before they see your paperwork.
The first thing you need to do is ask for a copy of your mortgage offer and any other related pre-mortgage offer paperwork.
If you used a broker collect as much paper work as you can about the fees and terms and conditions they offered you. The more work you do now the better. It will save you time later when you are asked for the information.
You or your mortgage claim company will need to ask your lender for your full agreement records including your mortgage offer and all records relating to your mortgage. The will send for what is called a ‘Subject Access Request’ or SAR which will cost you £10.00. This is normal. When this has been assessed the company will be in a position to tell you if you have a mortgage claim or not.
You have to be patient. It will take years………..yes years before you may see a result for your mortgage claim. The law is always changing and when cases reach court new laws are made so you can never be sure what will happen in the long term.
Be prepared, shop around first gathering as much information as possible on a mortgage claim and most of all………..be patient.