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Mortgage mis-selling blamed on high commission

Thousands of homeowners could be entitled to compensation because of mortgage mis-selling, according to the Personal Investment Authority.

PIA ombudsman Tony Holland said endowment mortgages were riskier than capital repayment mortgages, and it was essential that the risk was explained to borrowers.

High commission payments have been blamed for fuelling much of the problem, which could leave companies handing out thousands of pounds of compensation in individual cases.

Holland says: “There may well have been a mis-sale, which can give rise to compensation.”


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