What is The Average Variable Interest Mortgage Claim Pay Out?
When you take out a mortgage, many of us seek advice from our lenders, or other mortgage industry professionals. In most cases, those mortgage professionals give you the correct advice and you understand many details, including the important ones, concerning the mortgage product you eventually select.
However, in some cases that doesn’t happen and you are mis-sold a mortgage product. A recent EU court ruling suggests that many UK mortgage holders have been victims of mortgage mis-selling with regards to Standard Variable Mortgage (SVR) products. Adding insult to injury, it’s also likely that some of those same mortgage holders may have been overpaying interest payments for years.
Initial estimates of this latest mortgage mis-selling scandal are that the average pay out of the first group of potentially successful claims, could be in the region of £70-80,000.
Variety of claim sizes
That average claim size is an amount that will likely encourage many of you to enquire about whether or not you have a valid mis-sold SVR mortgage claim. However, its important to remember that it is only an average.
Of course, many claims will amount to a value of around that size. However, in some cases it will be lower, either by a little – or a lot. But then, there are also cases in which claims will be notably higher and could run into six figures.
To find out more about the size your potential mis-sold SVR mortgage or years over overpaying on an SVR mortgage product could now be worth, just get in touch with Mis-Sold Mortgage Experts. We need only a few details to assess whether or not you have a valid claim. That means there are no lengthy forms to fill in, or decision-making process to wait on.
Why pay outs can be in the tens of thousands
There are a few different reasons why many mis-selling SVR mortgage claims could be in the tens of thousands of pounds for UK customers. Among them are that in many cases, mortgage holders could be victims, not only of SVR mortgage mis-selling, but also of interest rate over charging for a period of years.
The combination of the two different compensation claims has the potential to result in a sizable pay out, once your claim has been assessed as valid, processed and approved by the financial ombudsman.
In addition to that, while the majority of SVR mis-sold mortgage claims are likely to be in the past ten years, the rules go back to 1993. That means in some cases, claims have the potential to span the entire life of a 25-year mortgage.
Of course, that won’t be the average situation, or the ‘norm’. But, if you’ve had a variety of mortgage products and used different lenders during the period open for SVR mortgage claims, even if you held the mis-sold product for just a couple of years or were over charged for a similar length of time, you can be surprised by how quickly it all adds up.
The easiest way to get a better idea of whether or not you have a valid claim and the potential range of pay out you could be due, is to get in touch with our professional mis-sold mortgage advisors today. Let Mis-Sold Mortgage Experts do all the hard work and in 12-18 months’ time you could be the recipient of a very welcome compensation payment.