Talk to Our Lawyers About Mis-Sold Mortgages and Your Claim
Don’t get caught out – let our experts give you the insight you need.
Get in touch
Bring your complaints to Sydney’s leaders in mis-sold mortgages
This practice is unethical, negligent and can lead to fines or professional censure.
Mortgage mis selling is a problem across the financial services industry. Salespeople, such as brokers, financial advisors and bank representatives, who earn their pay cheque based on commission may have significant incentive to sell products based on their own needs, rather than those of the customer. Misselling can happen with insurance, investments, mortgages and other financial products. Misselling doesn’t necessarily entail a financial loss; simply the sale of an unsuitable product is enough.
How can you tell if you have been a victim of a mis-sold mortgage?
A few questions to ask yourself:
Did your advisor you about the broker fees you would be required to pay?
Signing you up to a new mortgage or helping you switching providers meant that your advisor earned a commission. This may have been required up front or included in your mortgage. This addition to the principal could mean you’re paying additional interest as a result of those extra fees.
Do you have a self-certified mortgage?
Sometimes referred to as a “Fast Track” mortgage, this type is often sold due to their higher rate of commission. They rarely offer a good deal as they aren’t designed to meet your income.
Do you have an interest-only mortgage?
An interest-only mortgage may leave you responsible for making a large final repayment. Your advisor should have helped you plan how you would repay your mortgage after your loan finishes.
Were you advised to clear debts by remortgaging?
If you were advised to put all your loans and credit cards onto your mortgage to clear your debts, your mortgage was likely mis-sold. This is a short-term cash flow solution that can leave you in more debt and result in more interest being charged.
Experienced lawyers to help with your mis-sold mortgage claims
Paramount Compensation Lawyers is equipped with the skills to resolve issues quickly and efficiently, minimising costs and ensuring you receive what you are entitled. The team here has many years of experience and we specialise in all areas of compensation law.
A mis-sold mortgage is one that has been deliberately misrepresented to mislead a customer about its suitability. Often the practice involves salespeople selling products based on maximising their earnings rather than what is suitable for the customer.
This may involve the:
- deliberate omission of key information
- communication of misleading advice
- sale of an unsuitable product regardless of the customer’s expressed preferences.
Find out more about our services by getting in touch today.