AMI welcomes struck out interest-only cases 

Published on

The Association of Mortgage Intermediaries (AMI) has been encouraged by the recent failure of interest-only mortgage legal claims.

The trade body says the last few months have been encouraging in that a number of cases have terminated in the final weeks before commencement of court hearings. In addition, AMI says there have been three cases which provide evidence that it is acorrect to defend these claims.

The results in Ross and Ross versus Attanta Limited; Collett and Collett versus APF Private Clients Limited; and Colborn and Colborn versus Albany Park Limited all provide support to the broker position.

AMI continues to work with its members to provide information and support to ensure that these are defended, where appropriate, in a fair but robust manner.  It says that all firms should ensure they engage their PI insurer early and those not in membership of AMI are encouraged to consider joining to benefit from the information and support on these critical cases.

Robert Sinclair, chief executive of AMI, said: “These decisions strike out the cases as being time barred.  In addition, the courts in delivering their judgements have also considered many of the substantive issues under review.  These broadly have reduced the amounts of claim substantially, established that they have limited or no merit, set out that the costs of court time outweigh potential benefit and challenge the quality of both the claimant evidence and expert witness work.

“AMI continues to work to inform FCA, FOS and the SRA on these results. We are encouraged that firms might be able to recover their costs from the claimants as they mostly are insured.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Kuflink announces leadership change as CEO steps down

Kuflink has announced that CEO Narinder Khattoare will step down, marking the end of...

Norton Home Loans partners extends access to specialist solutions

Norton Home Loans has partnered with broker London & Country (L&C) Mortgages to widen...

Hinckley & Rugby for Intermediaries expands remortgage service with PEXA

Hinckley & Rugby for Intermediaries is expanding its partnership with PEXA and Optima Legal,...

The Cumberland cuts holiday let remortgage fee to £299

The Cumberland for Intermediaries has slashed the remortgage fee on all core holiday let...

Other news

Kuflink announces leadership change as CEO steps down

Kuflink has announced that CEO Narinder Khattoare will step down, marking the end of...

Norton Home Loans partners extends access to specialist solutions

Norton Home Loans has partnered with broker London & Country (L&C) Mortgages to widen...

Hinckley & Rugby for Intermediaries expands remortgage service with PEXA

Hinckley & Rugby for Intermediaries is expanding its partnership with PEXA and Optima Legal,...