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If you've been turned down for a mortgage you should first ask for full details of why this was and make sure the reasons are correct. If it was because of a poor credit record, for example, you should check that this is accurate. If you still feel a broker or lender has treated you unfairly you have a number of options. What to do first If you're not satisfied with the advice or service you have received from a lender or broker, discuss it with the lender or broker concerned. The Mortgage Code says they must have their own internal complaints procedure. You can get a copy of the code from: - your lender or broker, or
- the Council of Mortgage Lenders , or
- the Mortgage Code Compliance Board
Back to top Taking it further If the internal complaints procedure does not sort out your complaint, you can refer it to: - the Financial Ombudsman or
- the Mortgage Code Arbitration Scheme
The lender or broker should tell you which of these schemes applies to them. These bodies cannot take up individual complaints, but may be able to put pressure on the firm to follow the complaints procedure in the Code. The Financial Services Authority can also give general advice on making a complaint. Back to top Discrimination If you think you have been discriminated against in your mortgage application because of your sex, you might have a case under anti-discrimination legislation. For example, if you're a couple applying for a joint mortgage and the woman earns more than the man, it would be sex discrimination for the lender to use the man's income as the higher one in working out how much they will lend you. Some other kinds of discrimination - on grounds of race or disability - would also be illegal, though may be very difficult to prove. At present the law does not protect you from discrimination because of your age or because you are gay or lesbian. However, if you have reason to believe you were treated unfairly you should still make a formal complaint. Back to top Complaints about endowment policies You may be able to make a complaint and get compensation if your endowment policy won't cover the outstanding capital at the end of your mortgage. If this isn't successful, you can take steps to ensure your mortgage will be paid off. Check out all your options and get independent financial advice before you make any decisions.
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