Mis Sold Mortgage FAQs

How many successful cases have been made?
Claims involving mortgage mis selling are still very new so no data of any real value is currently available.

Will my lender/bank close my mortgage?
Your lender has a duty to deal with you fairly and there are no grounds for them to ask for the mortgage to be repaid – it is them that have breached the rules and not you. They must put you in a position that you would be in should you have been given the correct advice at the time, which is why compensation levels are so significant.

Will I be prevented from getting any new mortgages with the current or a new lender?
Your complaint will not be registered with any credit referencing agency, however your current lender could offer you a better deal moving forward.

Will my broker/IFA/bank be dragged into this?
Chapter 11 of MCOB sets out the rules that the lender must comply with and cannot divest themselves of their obligations in respect thereof. Chapter 4 of MCOB lists the obligations of the broker, however it is clear that the lender is ultimately responsible to lend prudently and appropriately.

What if I’m divorced now?
Your ability to claim will not be affected.

What if I’ve re-mortgaged, once or many times in the past?
Each mortgage is a separate claim.

Will I have to pay up to £495.00 for every mortgage?
If it has a reasonable chance of success then yes.

What if I can’t afford the up to £495.00?
It is possible to run your claim without an upfront charge; however the percentage deduction upon conclusion of the case will have to be higher.

Is TLC regulated or non-regulated?
TLC is a regulated entity and is governed by the Claims Management Regulator.

Do I pay tax on the compensation?
No tax is payable on compensation.

If I refer my family and friends do I get anything?
We would pay £30.00 by way of high street vouchers for any friends or family claims that are accepted.

Other firms on the internet are doing no upfront fee, why should I use TLC?
By using TLC, you have a dedicated team that firstly applies for your file from your lender and broker, for this there is a charge levied in respect of providing the requested information in accordance with the charges set out by the ICO.
TLC then packages your complete file and sends it to an external independent “Expert Witness” who analyses the data, calls you and completes a witness statement and then compiles a comprehensive report that indicates the likelihood of success and the amount of money your claim is worth.
A copy of your file is then sent back to TLC for onward transmission to a panel solicitor to run your case on a No Win No Fee basis and the solicitor will not make any deductions from your claim in respect of their fees and disbursements.
Please note that a fee maybe payable to the solicitors if the case is not pursued at the clients request

Do you do PPI?
No, we believe that mortgage mis selling is a specialist field and will not work in the same way as PPI. A mortgage mis selling claim is in effect a professional negligence claim under section 150 of the Financial Services and Markets Act 2000.

Can my existing PPI Company do my Mortgage Claim?
As above.

How long will it take to resolve?
Claims are expected to take 12-14 months to conclusion.

Will I have to go to court?
Your solicitor will advise you on the best way to proceed with your case and you must be prepared to attend court if necessary, although the majority of cases are more likely to settle before trial.

How much compensation will I receive?
This will depend on the size of your mortgage, the breaches to MCOB rules and the cost to put you back in the position that you would be in had you received correct advice in the first place. This is why we request an estimate of the value of your claim as early as possible.

How do you make any money out of this?
You pay us an initial fee of up to£495 that is fully refundable up to the point of your report from the expert witness being sent to you, having already applied and received your DSAR from your broker or lender.
We are then paid a referral fee of £600.00 by the panel solicitor who will run your case and we are paid a pre agreed percentage of your award, should your claim be successful.

What information will you need from me to work out if I have a claim?
We will need to ask you a series of questions to initially determine if you have a reasonable chance of success. Once you have paid our initial fee, we will send your data file to a separate company that are experts in the field of mortgage mis selling who will telephone you to discuss your claim in much more detail.
They will then provide a witness statement and comprehensive report that will determine the value and merit of your claim and a copy will be sent to you.
This service is included in the initial up to £495.00 charge made to you.

Who are Luminii?
Luminii provide expert witness reports for the legal profession to aid the speedy, successful resolution of matters arising under section 150 of the Financial Services and Markets Act 2000.

Why do you use Luminii?
Luminii are market leaders employing experienced professionals with an investigative, objective approach to every case. Their scrutiny, verification and quantification adds real value to every potential claim.

What if I don’t have all of my paperwork?
We will require sufficient information to be able to identify your lender and broker as we will need to request their file, also known as a DSAR.

How long have TLC been doing Mortgage Claims?
The directors of TLC have over 20 years of experience in both law and Claims management and TLC have dealt with thousands of claims from 2008, however mortgage claims is a new area of law.

Can I run this claim myself?
Yes, you can by approaching your lender directly.
There are several sites online that assist you to manage this process yourself.

Can I cancel my claim?
You can cancel your claim at any time.
We initially give you 14 days to cancel your claim for a full refund of the initial fee.After 14 days, you can still cancel but you will not be entitled to a refund of the initial fee.

After you appoint a solicitor, there may be cost implications if you cancel your claim before your claim concludes.

Can I choose my own solicitor to run my case?
You are free to use a solicitor of your choosing, however we have a recommended panel that have agreed to run your claim on a conditional fee agreement basis, whereby they will not deduct any monies from your award should you win or lose.

If my claim is valued at under £10,000 do I have to use you to progress my claim through the FSCS process?
No, it will be free for you to progress your claim directly and there are sites on the internet that will give you guidance.

If you are running my claim directly against my lender or through the FSCS process, what happens if I cancel with you and what are the cost implications?
You have a right to cancel at any time, however if you do so there will be cost implications. This will mean that the cost of running your claim up until the point of cancellation will be worked out on a time cost basis together with the number of letters and telephone calls made and time for consideration.

What percentage of the award will be deducted?
Up to 40%, so that there is no confusion regarding our fees, by way of an example, if you are awarded £10,000.00 we will receive £4000.00 plus VAT of £800.00 making a total to us including VAT of £4800.00 and you will receive the remaining £5,200.00.