I have written many blog entries about the miss-selling of payment protection insurance (PPI). I do not believe interest only mortgages and the risk of negative equity will have anything like the number of successful claims miss-selling of PP. Most mortgage brokers and banks were meticulous in their record keeping when selling mortgages and it is hard to see how there could be wide scale miss-understanding of the interest only concept. I think the claims management companies which will spend a lot of money advertising for these services will soon find that the pay back for this investment will be inadequate. I predict that the few cases that will win at the Financial Ombudsman Service will not be against mortgage brokers but by Direct client to bank mortgage sales. As an Independent Financial Advisor and Mortgage Broker in London I hope this will not cause our professional indemnity insurance to increase!rnrnThe article which inspired this article is http://www.moneymarketing.co.uk/mortgages/sinclair-claims-chasers-will-struggle-with-interest-only-cases/1061504.article rnThis information is intended to provide a general review of certain topics and its purpose is to inform but not to recommend or support any specific investment or course of action. The tips may not apply, or be suitable, to everyone and you should contact us for advice if you are unsure whether this is the case.rn
