Each day, a lot of mis-sold mortgages cases are being reported to Financial Ombudsman and Financial Services Authority. Victims are usually not aware with the future outcome of the said scam. The victims usually feel happy at first because they can have bigger loan that they do not really expect. But on the latter part, they are now experiencing how hard it is to be involved in this kind of scam. Some of them had their homes reposed because they can not afford to pay their monthly repayments for the mortgage because their regular monthly income is not enough to pay for the mortgage loan. They even use their credit cards just to pay for the mortgage.
Due to increasing number of the victims, the Financial Services Authority formulated rules and regulations so that the brokers will at least think twice in selling mis-sold mortgages with their respective clients. But those rules and regulations did not stop them. The irresponsible brokers and lenders just ignored those rules formulated by the FSA. The brokers still continued to sell illegal mortgages that can put their clients into deeper trouble.
The brokers want their clients to have higher loans because with higher loans, they can get higher commissions. In short, they really don’t care about their clients, they care about the commission they can acquire with the said loan.
In case you encountered a particular type of broker, don’t hesitate to call the authorities and report all the things they told you, in that way, you can help stop the widespread of this scam.