Mortgage Broker Commission

A mortgage broker who provides conflicting information about reviewing interest rates and creates an expectation of proactive rate monitoring must follow through on that representation or clearly communicate the need for written instruction

A mortgage broker must apply correct lending criteria and calculations to ensure mortgage applications proceed as intended, and must provide appropriate redress when errors cause significant financial detriment.

A mortgage broker must make its fees sufficiently clear at the point of engagement, and cannot rely solely on terms provided in previous years when a client re-engages after a significant gap.

A mortgage broker must obtain explicit written consent from a consumer before submitting a mortgage application and accepting a mortgage offer on their behalf.

A financial adviser must not send misleading communications about mortgage application status that could reasonably induce a consumer to take detrimental action.

A lender is only liable under Section 75 of the Consumer Credit Act 1974 for a supplier's misrepresentations if there are factual and material false statements of fact, not merely marketing puffery or subjective claims about investment natu

A lender may lawfully register a default after 180 days of arrears in accordance with ICO guidelines, even if the consumer has made some payments, provided proper notice is given.

A lender is not jointly and severally liable under Section 75 of the Consumer Credit Act 1974 for alleged misrepresentations by a supplier unless the misrepresentations are actually untrue.

A lender is jointly and severally liable under Section 75 of the Consumer Credit Act 1974 for misrepresentations by a supplier only where the consumer can establish an actionable misrepresentation against the supplier.