Banks could face deluge of claims for variable rate mortgage charges

Friday, December 7, 2018

house key mortgage

Banks could face a deluge of new compensation claims thanks to a campaign targeting mortgage customers who may have been overcharged.

Variable rate mortgage holders could be entitled to compensation

According to a Sky News report, ME Group, a specialist legal technology provider, will spearhead a move to ‎encourage customers who took out standard variable rate (SVR) mortgages to check whether they may be eligible to a refund.

It is unclear how many mortgage holders could be affected by SVR overcharging but is estimated that the bill for banks could run to billions of pounds.
However, Sky News reports that both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) had been alerted to the issue‎ in recent months. In fact, it is understood that ME Group executives held talks with both the FCA and parliamentarians to highlight the potential for redress.

If the estimates are correct, this could be the largest compensation scandal since PPI, which is due to draw to a close in August 2019.
PPI refers to mis-sold Payment Protection Insurance policies that were often attached to mortgages, credit cards and loans.

Don’t miss your chance to claim

If you think you could have been mis-sold PPI, get in touch and we’ll help you start your claim. Our service is no win, no fee – so if you don’t have a claim, you won’t pay a penny. Call us today on 0800 954 0817 or fill out the simple form on our website. Our process is simple and we’ll do all the hard work so you don’t have to.