"MORTGAGES" [2019] ELECD 658; in Kirk, Jonathan; Samuels, Thomas; Finch, Lee (eds), "Mis-Selling Financial Services" (Edward Elgar Publishing, 2019) 128

Book Title: Mis-Selling Financial Services

Editor(s): Kirk, Jonathan; Samuels, Thomas; Finch, Lee

Publisher: Edward Elgar Publishing

Section: Chapter 4

Section Title: MORTGAGES

Number of pages: 65

Abstract/Description:

This chapter explains what amounts to mortgage credit, in comparison to consumer credit and the history of mortgage regulation, including the implementation of the Mortgage Credit Directive. It then focuses on the various ways in which mortgage mis-selling can occur from misleading or otherwise inappropriate financial promotions, to pre-contract information failures and the provision of unaffordable and unsuitable credit. The additional ways in which interest-only mortgages and those arranged through a broker can be mis-sold are considered and the way in which the unfair relationship provisions in the Consumer Credit Act 1974 can apply are explained. Finally the chapter provides an introduction to some of the difficulties that can arise in the quantification of mortgage mis-selling claims.