Claims firms will struggle to win interest-only mortgage cases or even find borrowers who want to lodge claim, according to the Association of Mortgage Intermediaries.
Some commentators have warned interest-only will be the next big misselling scandal, following the payment protection debacle.
Money Marketing’s sister title Mortgage Strategy recently revealed claims management company Money Boomerang is set to launch a TV advertising campaign to specifically target interest-only misselling.
But speaking at the Mortgage Business Expo in London today, Ami chief executive Robert Sinclair (pictured) said there was no systematic misselling of interest-only mortgages.
He said: “For any claims managers that might be in the room, or might be listening to my words, my answer would be do not be silly – you are not going to get anywhere, there is no systematic misselling of interest-only.
“You will struggle to get compensation out of it and will struggle to get people who will want to claim.
“I actually do not believe people were missold interest-only. Most people walked into this eyes wide open, knowing exactly what they were doing.”
Sinclair warned claims firms that target interest-only cases could find they are giving regulated mortgage advice if they recommend a customer changes their repayment method.