Question 1

What is Second Charge Mortgage?

Accepted Answer

This category covers Financial Ombudsman Service decisions in this area of UK financial-services regulation. Outcomes turn on the facts of each individual complaint, the regulatory rules in force at the relevant time, and the firm's conduct against the FCA Handbook's fairness obligations.

Question 2

Who can bring a second charge mortgage complaint?

Accepted Answer

Anyone who has experienced unfair treatment by a UK regulated financial firm in this area and has either an unresolved complaint with the firm itself or a final response that they wish to challenge.

Question 3

How often does FOS uphold second charge mortgage complaints?

Accepted Answer

Of the 4 second charge mortgage decisions in this corpus, the Financial Ombudsman Service upheld approximately 0% (0 upheld, 4 not upheld). The uphold rate across all FOS decisions sits in the mid-30s%, so this figure should be read alongside the strength of the individual complaint.

Question 4

What redress is typically awarded?

Accepted Answer

Redress depends on the financial loss caused and is calculated to put the consumer back in the position they would have been in had the breach not occurred — typically a refund of fees or charges, plus 8% simple interest from the date of loss.

Question 5

How long does the Financial Ombudsman Service take?

Accepted Answer

Investigation typically takes between 6 and 18 months. Cases involving complex evidence or multiple defendants tend toward the longer end. Where the case is straightforward and the bank co-operates, a final decision can be issued in under 6 months.

Second Charge Mortgage

Not-upheld complaints (4)

Decision DRN-6285367

Westminster Wealth Management LLP

Decision DRN-6281708

Decision DRN-6279498