Mis-sold Right to Buy Compensation
If you have bought your council house in the last 10 years we would like to hear from you. If you bought your council house under the Right to Buy scheme you may have been a victim of this mis-selling. If you have PPI on your mortgage, have noticed a sharp increase in your mortgage repayments or paid a large broker fee you may be able to make a Right to Buy claim.
Some of your clients may have been a victim of some of the unscrupulous firms that specialised in helping tenants buy their properties from the local authority. In the Margaret Thatcher era she wanted council tenants to be rewarded and given the opportunity to own their own home. The government introduced a scheme that offered a discount of up to 60% of the value of the house, dependant on how long the tenant had lived there.
Never having had a mortgage before companies targeted the vulnerable, making out what was a relatively straight forward process sound long, complicated and daunting. Often making tenants believe they only had the “Right to Buy” if they used a company such as theirs.
They would be there every step of the way, helping fill forms in, putting them in touch with a mortgage advisor and a solicitor. All this for little or no money upfront. What a great service?
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This could not be further from the truth. These clients were asked to sign paperwork committing them to thousands of pounds of fees, and often not placed with the high street lenders to avoid too many questions, with little or nothing explained to them. More often than not they were also signed up to lump sum payment protection policies that only covered them for 3 – 5 years but they would pay interest for 25 years.
To make matters worse the solicitors involved in these cases were often reliant on these firms for volume work and as such would turn a blind eye to many of the rules.
If you think you have been mis-sold a right to buy mortgage then please contact us on 0800 043 1683 to see how we can help or
Complete the form TODAY & our Advisors will contact you.
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