Interest-only mortgages, the next mis-selling scam?
If you have an interest-only mortgage, you could have been mis-sold.
In recent reports issued by the legal tech company, ME Group, it appears that hundreds of thousands of interest-only borrowers may have been mis-sold interest-only mortgages by unscrupulous brokers.
The Financial Ombudsman supports the allegation. It seems likely that many advisors contravened regulatory rules on affordability and suitability when they sold interest-only mortgage products before the financial crisis of the late 1980s and early 1990s.