The majority of the major UK banks have, in the past several decades, been obliged to pay reimbursement to their customers for a variety of merchandise that were mis sold sipps. These goods have included payment protection insurance (PPI), pensions and endowments and also the upcoming major scandal may be mortgages, generally among the biggest financial commitments that people could possibly take out within the course of their life.

Interest only mortgages will likely be among the chief products for which there will be claims of mis-selling (encouraged by firms who will deal with a clam for a reduction of any reimbursement received) because countless UK borrowers are paying attention to their home loans and have never been obliged to place a repayment plan set up. Those that did set a repayment plan set up in the form of an endowment will also be discovering that the plan doesn’t fulfill the target repayment sum, frequently leaving a considerable shortfall.

So there are lots of promises of mis-selling for a selection of financial products but only who’s to blame?

Could it be the mortgage consultants and agents or will be the actual offenders the lenders, who had the duty of approving the mortgage?

The banks and other financing institutions are liable for depositing each mortgage but it’s very difficult to establish a mortgage has been mis-sold and that some form of collapse happened. Both lenders and agents are usually acting in good faith and comply with existing regulations; it’s only with hindsight that the loan may be viewed as not fit for the purpose. Where that argument doesn’t stand up is about making the customer aware of the dangers of particular kinds of loan; however, again, it’s tough to show that the customer didn’t understand the dangers, especially as they’d have signed relevant records like Key Truth.