Landmark Mortgages, a UK-based subprime mortgage lender, was founded in 2005 and dissolved in 2008. In 2021, it was found liable for mis-selling mortgages as a result of an investigation conducted by the Financial Conduct Authority (FCA). Approximately 6,000 claimants who were issued mortgages by Landmark Mortgages between 2006 and 2008 are eligible for compensation.
If you believe that you were affected by mis-selling, this article outlines what you need to know about Landmark Mortgages compensation.
What is Landmark Mortgages compensation?
Landmark Mortgages compensation is a payout resulting from the mis-selling of mortgages to claimants by Landmark Mortgages. Mis-selling occurs when a financial institution intentionally or unintentionally provides misleading or inaccurate information to a customer regarding the product it is selling.
In the case of Landmark Mortgages, the FCA found that the firm sold mortgages without considering whether the product was affordable for the customer. The lender also failed to provide accurate information about the risks associated with taking out a mortgage and did not properly assess a customer’s income.
Who is Eligible for Landmark Mortgages compensation?
If you were issued a mortgage by Landmark Mortgages between 2006 and 2008, you may be eligible for compensation if the firm:
– Did not carry out an accurate assessment of whether the product was affordable for you
– Provided misleading information about the risks associated with taking out a mortgage
– Did not properly assess your income
If you are unsure whether you are eligible, you can contact a law firm specializing in financial mis-selling or the FCA.
How Much Compensation Can You Receive?
The amount of compensation you receive will depend on the individual case but may include:
– A refund of mortgage payments made
– Payment of any associated costs, such as legal fees or missed mortgage payments resulting from the mis-sale
– Interest accrued on the mortgage payments
The FCA estimates that the total payout for Landmark Mortgages Compensation will be around £53 million.
How to Make a Claim
If you believe that you were mis-sold a mortgage by Landmark Mortgages, you can make a claim for compensation. To do so, you will need to provide evidence that the lender mis-sold the product to you and provide any relevant documentation.
You can submit a claim yourself or enlist the help of a claims management company or solicitor who specializes in financial mis-selling. While using a claims management company or solicitor may increase your chances of success, they may also take a percentage of your compensation as a fee.
If you are submitting a claim yourself, you can contact the FCA for guidance on the process.
What Happens if You Make a Claim?
Once you have submitted a claim, it will be assessed by the FCA or the firm who provided you with the mortgage. The process may take several months to complete, and you will be informed of the outcome once a decision has been made.
If your claim is successful, you will receive compensation. If it is rejected, you may be able to appeal the decision or take legal action against the firm.
What to Consider Before Making a Claim
Before making a claim for Landmark Mortgages Compensation, it is important to consider the following:
– The likelihood of success: If you are unsure whether mis-selling occurred or do not have sufficient evidence, it may not be worth pursuing a claim.
– The time and cost involved: Making a claim can be a lengthy process, and you may incur costs if you use a claims management company or solicitor.
– The potential payout: While compensation can provide financial relief, it may not be a significant amount if you only made a few mortgage payments to Landmark Mortgages.
In Summary
If you believe that you were affected by mis-selling as a result of a mortgage issued by Landmark Mortgages between 2006 and 2008, you may be eligible for compensation. Evidence of mis-selling will need to be provided, and you can submit a claim yourself or use a claims management company or solicitor. The amount of compensation will depend on the case, and it may take several months to receive a decision. Before making a claim, it is important to consider the likelihood of success, time and cost involved, and potential payout.