Have you been mis-sold a mortgage?
Equity release mortgages allow you to take capital from your property and turn it into a significant lump sum to spend, but without having to move house. But like any major financial arrangement, you need proper financial advice before deciding what to do. Bad advice or high pressure selling can lead to a poor decision which could cost you many thousands of pounds in retirement. If this has happened to you, speak to Hallbrook.
So what are equity release mortgages?
The equity release market is growing at a staggering rate with 300 more products than were available just three years ago. A new equity release plan is launched every two days and in 2018, over 80,000 homeowners borrowed a record £3.9billion in cash from their homes.
After a lifetime of making mortgage repayments, you can build up a large amount of available capital in your property. Equity release lets you take that cash from your home and have a significant lump sum to spend, but without having to move house.
There are two types of equity release mortgage: a lifetime mortgage can be taken as a lump sum, or a drawdown in stages when you need it. While a home reversion plan lets you sell all or part of your home in return for a tax-free lump sum. You can then stay on in your home as a rent-free tenant for the rest of your life.
Like any major financial agreement, equity release can be risky. Before deciding what to do, it’s important to get proper financial advice from a professional. Bad advice can lead to a poor or unsuitable decision which can lose you many thousands of pounds in retirement.
A good financial adviser will look at your personal circumstances and look at all options – not just equity release. If it is the best option for you, they will recommend the type of plan that’s most suitable for you.
Were you mis-sold a mortgage?
Leading charities and financial experts have welcomed an investigation by the City regulator into equity release mortgages after a variety of claims around these expensive long-term loans.
There have been widespread reports of high pressure selling, expensive interest rates and redemption penalties, with elderly people being persuaded to opt for equity release when other options would be cheaper and less risky - such as downsizing.
If you think you might have been mis-sold an equity release mortgage, contact Hallbrook today and we’ll look into your case. We can help you achieve justice and receive the compensation you deserve.
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How can Hallbrook help you?
Hallbrook provides unparalleled claims support to people who have been mis-sold financial services. We help them achieve justice and gain the compensation they deserve. We also publish what we’ve learned representing these private investors, to stop other vulnerable people falling victim to these mis-selling scams. This way, we make it possible for anyone to take control of their money and make better-informed decisions. Since 2010 we have successfully recovered over £60 million in compensation and continue to recover millions every year.
Nothing to pay upfront
We operate a conditional fee agreement, which means you only pay us on the successful completion of your claim.
Please see full Terms for cancellation fees following the 14 day cooling off period.
When your claim has successfully completed, we will charge a fee based on the amount of compensation awarded of between 18% and 36% inc VAT.
Our fees also benefit from a Fee Cap, which means you could pay less. For more information see our full Terms.
Appealing a claim
If you have already claimed for compensation but didn’t receive the amount you’re entitled to, we may be able to appeal on your behalf.
This Fee will be deducted from your compensation and upfront fees do not apply. See full Terms.