Mortgage complaints rise during pandemic: FOS | Mortgage Strategy

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The number of mortgage complaints made to the financial ombudsman rose between July and September this year compared to the previous quarter.

Of the 119,214 total enquiries made to the FOS between July and September, a 10 per cent rise on the previous quarter, 1,632 concerned residential first charge mortgages and 1,396 new cases were made. Of these, 18 per cent were upheld.

In the previous quarter there were 799 enquiries and 1,038 new cases, with 19 per cent upheld.

The total proportion of upheld cases between July and September across all sectors stood at 32 per cent, the same proportion as in the previous quarter and 2 per cent lower than a year ago.

The most complained about product was PPI, of which there were 12,742 new cases, of which 17 per cent were upheld.

“We’ve seen a significant increase in complaints about travel insurance, business protection insurance and in complaints from small and medium-sized enterprises about financial businesses in relation to the Coronavirus Business Interruption Loan Scheme and Bounce Back Loan Scheme. In this quarter, we’ve begun to resolve some of these complaints,” writes the FOS.


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