Making an Irish mortgage mis-selling claim  

If you took out an Irish residential mortgage before 2009, you may have been mis-sold and you could be entitled to compensation.  

Over 100,000 Irish mortgages have been sold to a debt servicing company, leaving up to 200,000 homeowners with increasing financial pressure and significant stress. If you are affected, lawyers believe you could be entitled to up to €500,000 in compensation, depending on your losses. 

The four main types of mis-sold mortgages include:  

• Interest-only mortgages: Where your lender failed to assess how you would repay the full amount borrowed when the term ended. 
• Self-certification mortgages: Where your lender failed to verify your income in line with regulatory standards. 
• Mortgages beyond retirement age: Where your lender failed to assess how you’d make payments after retiring. 
• Re-mortgages to consolidate debt: Where your lender did not fully inform you about the true cost combining debts into your refinanced mortgage. 

Understanding FSPO limitations 

At Join the Claim, we put you in touch with Irish mis-selling specialists who will help you file a robust complaint with the Financial Services and Pensions Ombudsman (FSPO). The Ombudsman serves as a mediator for disputes between consumers and financial institutions. However, there are drawbacks to relying on this avenue for mis-selling claims, including: 

• Lengthy process: The FSPO often takes several years to resolve cases. Expert mortgage mis-selling experts have told us claims via the Ombudsman can take four or more years, leaving people trapped in financially precarious situations. 
• The Ombudsman doesn’t take the homeowner’s side: The FSPO is a neutral mediator funded by the Department of Finance and the banks, it is not on the side of the consumer. 
• The law used: The FSPO relies on Irish law for mis-selling claims, rather than European consumer law, which offers much more robust protection. 

You can also make a mortgage mis-selling claim directly to the FSPO without the help of a lawyer, accountant, or banking professional. 

EU Law provides hope for rejected claims

If the FSPO rejects your claim, our mis-selling partners will appeal your case to the Irish High Court, and if necessary, to the European Court of Justice. If you have already made a mortgage mis-selling claim to the FSPO, and it has been rejected, it’s not too late to Join the Claim and seek an alternative path to justice. 

By leveraging European legislation, people affected by mortgage-mis-selling may find it easier to hold the lenders accountable and get the compensation they deserve. 

• Stronger consumer protections: EU law holds financial institutions to higher standards of care, transparency, and consumer rights. These laws are designed to protect consumers from unsuitable financial products, which is central to the mis-selling cases in Ireland. 
• Faster resolution: Under the EU Alternative Dispute Resolution Directive, complaints should be dealt with in three months, as opposed to the years it can take under FSPO processes. This allows for faster relief from financial burdens, which is essential for people struggling with high-interest mortgage rates. 

Take action today 

If you are one of the 200,000 individuals affected by a mis-sold mortgage in Ireland, don’t wait. EU law provides you with a clear, fast, and strong path to compensation, one that prioritises your rights and financial security.  

By taking action through a team of experts well-versed in European consumer law and banking, you can reclaim what’s rightfully yours with no financial risk to you—thanks to no-win, no-fee agreements. 

If you are under pressure from a debt servicing company or its agent, or are already in the court process, you have options. Join the Claim and these options will be discussed after your registration. 

What are debt servicing companies? 

Debt servicing companies, or private equity firms, specialise in buying distressed assets—such as non-performing mortgages—at deep discounts. Well-known firms include Pepper, Mars, Start, and Cabot.  

Debt servicing companies aim to extract as much profit as possible from their assets, often at the expense of struggling homeowners, and are synonymous with high-interest rates and relentless pressure on borrowers.  

As of November 2023, debt servicing companies controlled over 110,000 Irish mortgages. Many of these were sold to them after being mis-sold to homeowners before 2009. With interest rates spiking as high as 9%, as many as 200,000 borrowers are now trapped, struggling to keep up with payments and living in fear of losing their homes. 

How debt servicing companies operate 

Once debt servicing companies acquire mortgages, they often increase interest rates, leading to unmanageable repayments for homeowners. This puts enormous pressure on borrowers, many of whom were already struggling with mis-sold mortgages. The rise in interest rates has left families fearing foreclosure, even if they have been diligent about making payments. 

To make matters worse, debt servicing companies aren’t interested in helping you restructure your mortgage—they’re interested in maximising their returns. These firms won’t offer you the same kinds of discounts they got when they bought your mortgage from the bank. Instead, they push for repayment on terms that favour them, even if it means forcing you into default. Their priority is the equity in your home that has built up due to Irish house price increases over the last few years.  

Many homeowners report being harassed by debt collectors working on behalf of debt servicing companies, making an already stressful situation even worse. Calls, letters, and threats of legal action are common as these firms try to extract every penny from struggling borrowers. 

The way forward for struggling homeowners 

If your mortgage has been sold to a debt servicing company, you have options. Legal and banking experts believe the vast majority of these mortgages were originally mis-sold, meaning you could be entitled to compensation.  

Putting you in touch with a legal and banking team experienced in mis-selling and Irish and EU consumer law, we help you to fight back against these predatory practices, potentially claim thousands in compensation, and secure your financial future. 

If you are under pressure from a debt servicing company or its agent, or are already in the court process, you have options. Join the Claim and these options will be discussed after your registration. 

Take action today 

A staggering 90% of mortgages sold to debt servicing companies could be mis-sold in some form. You could have a mortgage mis-selling claim if any of the following apply:  

• Your mortgage term extends beyond your retirement age 
• You were sold an interest-only mortgage without proper consideration for how you would repay the original loan amount 
• You were allowed to self-certify your income without providing proof 
• Your lender didn’t properly assess your ability to repay 
• Your lender didn’t fully consider your personal circumstances 
• The lender did not explain all of the key risks associated with the product, so you couldn’t make an informed decision.  

Use our fast and free online checker to see if you have a claim*. If eligible, we’ll connect you with Irish mis-selling experts who will investigate your case, keep you updated, and aim to get your compensation.  

By taking action now, you are standing up for your rights and helping to create a fairer financial system for everyone. Start your no-win, no-fee claim today and reclaim what’s rightfully yours! 

What is mortgage mis-selling? 

Mortgage mis-selling occurs when a financial institution sells a mortgage product that is unsuitable for the borrower or fails to fully inform the borrower of the risks. This often happened in Ireland during the Celtic Tiger era, when banks were aggressively pushing home loans to increase their market share. 

Common examples of mis-sold mortgages include: 

• Interest-only mortgages: These mortgages require the borrower to repay only the interest each month, leaving the original loan unpaid. If you weren’t properly informed of the risks—such as what happens at the end of the interest-only term, or what would happen if rates increased—you may have been mis-sold. 
• Self-certification mortgages: These allowed borrowers to declare their income without proving it, leading to situations where people were given loans they couldn’t afford. If your lender didn’t verify your income or ability to repay, you likely have a strong case for mis-selling. 
• Mortgages beyond retirement age: If your mortgage term extends beyond your expected retirement age, and the lender didn’t fully assess how you would manage repayments post-retirement, you may have a mis-selling claim. 
• Debt consolidation mortgages: If you were advised to consolidate smaller debts, such as credit cards or personal loans, into your mortgage without a clear explanation of the long-term costs or risks, this may have led to increased overall debt. If the risks weren’t properly communicated, your mortgage could have been mis-sold. 

The scale of the problem 

Mis-selling has affected an estimated 200,000 Irish residents. Nearly 15% of all Irish home mortgages fall into the category of mis-sold loans. These products have caused significant financial hardship, with many people now facing arrears, higher interest payments, and financial insecurity. In some cases, families refinanced their homes to help younger generations get on the property ladder, only to end up trapped in unsuitable mortgages themselves. 

The mental health impact of mis-sold mortgages 

The financial strain caused by mis-sold mortgages doesn’t just affect your bank balance—it can have a profound impact on your mental health as well. Many of those affected by these mortgages have experienced anxiety, depression, and stress, as they struggle to keep up with repayments or face the possibility of losing their homes. 

Constant financial worry 

Being trapped in a mortgage you can’t afford can feel overwhelming. The rising interest rates and the inability to renegotiate better terms can lead to constant financial pressure, creating a cycle of worry that affects all aspects of life. It’s not just about the money—it’s about the fear of what could happen if you fall behind, including the risk of default, arrears, or even foreclosure. 

Feelings of isolation and shame 

Many victims of mortgage mis-selling report feelings of guilt or shame, often believing that they were somehow at fault for taking on a loan they couldn’t manage. This belief has been reinforced by years of messaging from banks and even the government, which implied that borrowers were irresponsible. In reality, the blame lies with the financial institutions that misled their customers. Despite this, feelings of isolation are common, with many people suffering in silence, unsure of where to turn for help. 

Emotional toll of harassment by debt servicing companies

For those whose mortgages were sold to debt servicing companies, the constant harassment and aggressive tactics to collect repayments can further aggravate the mental health toll. Regular calls, letters, and threats of legal action create an environment of fear and uncertainty, leaving homeowners in a constant state of stress. This emotional strain can affect relationships, work, and overall well-being, making it difficult to focus on solutions or seek help. 

Impact on future financial security 

For many, the prospect of entering retirement with an unaffordable mortgage causes deep anxiety. Borrowers who were mis-sold mortgages that extend beyond their retirement age, or interest-only mortgages, often worry about how they’ll continue making repayments on a reduced income. The fear of losing financial stability later in life contributes to a sense of hopelessness, as they feel trapped in a situation they didn’t fully understand when they took out the loan. 

What to do now  

At Join the Claim*, we’re partnering with leading experts in Irish mortgage mis-selling to help you seek justice. The good news is you can make a claim without financial risk, due to their no-win, no-fee agreements.  

Legal protection is also available to help borrowers at risk of losing their homes before their claims are resolved. If you are under pressure from a debt servicing company or its agent, or are already in the court process, you have options. Join the Claim and these options will be discussed after your registration. 

Compensation could help restore your financial position to what it would have been had the mortgage been correctly sold, potentially amounting to tens or even hundreds of thousands of euros. 

If you believe your mortgage was mis-sold, it’s essential to act quickly.  

If you haven’t started a mortgage mis-selling claim: 

Join the Claim, and we’ll put you in touch with Irish mis-selling specialists who will help you file a complaint with the Financial Services and Pensions Ombudsman (FSPO). If your claim is rejected, (the FSPO is a neutral mediator and is not on the side of the consumer), these experts will appeal your case to the Irish High Court, and if necessary, to the European Court of Justice (ECJ). European law fiercely protects consumers and can hold lenders to account in ways Irish law may not. 

If the FSPO has rejected your mortgage mis-selling claim:  

If you have already made a mortgage mis-selling claim to the FSPO, and it has been rejected, we offer you an alternative path to justice. Join the Claim, and expert banking professionals will refocus your case and start a new claim.  

Use our fast and free online checker to see if you have a mortgage mis-selling claim. If eligible, we’ll connect you with Irish mis-selling experts who will investigate your claim, keep you updated, and aim to get your compensation as soon as possible.