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Q. If I Make a Claim Can my Lender Penalise me?
A. All mortgage lenders are regulated by the Financial Services Authority (FSA) and as such must adhere to the principles of TCF (Treating Customers Fairly). As such your lender must review your claim and process it in an objective manner. By claiming you are attempting to rectify mistakes made by the lender so they can not penalise you in any way and all your rights as a consumer remain in force. If consumers were penalised for claiming then nobody would claim, so rest assured you won’t be penalised in any way.
Q. Who will the claim be against?
A. The claim will be against the organisation that sold you the mortgage. In some cases this will be the mortgage company themselves, but in the majority of cases it will be the broker or financial adviser selling on behalf of the lender. If a financial advisor sold you the wrong mortgage product you may now find yourself a “mortgage prisoner” i.e. you are unable to remortage or in some cases even move house. You may be trapped by a lengthy tie in period on a particular product or you may be unable to remortgage because your mortgage has no scope for lower interest rates.
Q. How long will it take?
A. The mortgage review and claims process will take 6-9 months on average. This is mainly due to your lender/broker not wanting to give you YOUR money back without a fight. But one of our many strengths is that we are persistent. We will keep you informed throughout the process. The claims process for mortgage mis-selling is a lot more complicated than PPI mis-selling and as such more documentation needs to be prepared with a full mortgage audit taking place. This in itself can take 3 months but it is needed to ensure you have the most robust case and the best chance possible of gaining compensation. It’s a long process but if you win your case it is worthwhile.
Q. Can my mortgage company call in my mortgage or raise the interest rate if I complain?
A. No. Everyone has the right to complain. Consumers are protected by well-established legislation that prevents anyone being treated unfairly as a result of making a claim. Your mortgage company can not penalise you for making a claim, this is your right if you feel you have been mis-sold.
Q. How much can I claim back?
A. Every case is different. As a guide, the claim we make on your behalf will aim to put you back into the position you would have been in if you had been sold the mortgage that was right for you. So this could include: repayment of the difference between the interest you have paid and what you should have paid; a refund of fees; a refund of charges; a reduction in the amount you owe; and a refund of monies paid, dependant on circumstances. Every case is different.
Q. Will I have to spend lots of time writing letters if I make a claim?
A. No. That’s what we do. Once we have all the information we need, our experts carry out a full mortgage review. As part of this in-depth analysis we may call you to ask a few questions or for some additional documents or signatures. That’s it – we’ll do the rest. We do require some documentation up front in order to assess the viability of your claim but once we have received this all the other paper work we need we can obtain from your lender or broker.
Q. How much will it cost?
A. There are absolutely no upfront fees. We only receive payment if your claim is successful. When it is, we charge 25% of the monies recovered (plus VAT). If we don’t win, we don’t charge anything! A cancellation fee is payable if the case is not pursued however at your request, details of this and our fee structure can be found in more detail on the No Win No Fee page of this website. If you have any queries at all feel free to call the office and speak to one of our advisors.
Q. I can’t find the paperwork, can I still make a claim?
A. Unfortunately we do require certain bits of paperwork in order to asses the viabiliy of the claim, the majority of mortgages have not been mis-sold so its important to get the correct information to review your case properly. Also we have a legal obligation to obtain proof of identity and proof of residence before submitting any claim on your behalf. The documentation we require as well as the proofs of ID and residency are a copy of your mortgage offer and a copy of your mortgage completion statement.
Q. I have already paid off my mortgages. Can I still make a claim?
A. Yes. You can claim for mortgages already paid off. We can claim on your behalf for any mortgage that was taken out after 31st October 2004. If you were sold your mortgage prior to this date then we will be unable to submit a claim unfortunately because this is the date the new regulations came into force that protect you as a consumer.
Q. Who are Robin Hood Refunds?
A. Click here for a detailed explanation of who we are and our philosophy.
