Concerned young couple sitting on sofa at home, studying financial paperwork





Status update: Two-year fixed mortgage complaints cool off, for now

In April 2023, we were quoted in the Sunday Telegraph discussing an increasing number of complaints relating to two-year fixed-rate mortgages. The story was subsequently picked up by iNews, IFAMagazine, and FTAdviser.

This page on our website has a list of all the links to this and other press coverage we’ve enjoyed.

A number of concerned mortgage brokers had contacted us

At that time, we saw a noticeable uptick in mortgage brokers contacting us about clients who were querying why they had recommended two-year fixes instead of longer fixed-rate terms.

With rising interest rates, we fully expected to receive similar calls and potential complaints.

Indeed, while mortgage-related complaints normally make up around 5% of our caseload, the rapid rise in interest rates led us to predict that this could potentially rise to around 15% of our workload.

Reporting on the story, FTAdviser quoted John Bull, Jencap’s managing director: “As a specialist consultancy in complaints management, we are seeing an increase in enquiries from mortgage brokers, where their clients have raised the issue of having taken out a two-year fix rather than, say, a five-year fix, meaning they will be exposed to higher interest rates sooner.”

“So far, the larger, more active claims management companies haven’t rolled out their marketing campaigns at full speed as they are likely still making money on mis-sold pensions, but the number of mortgage complaints and claims will inevitably increase, regardless of whether they have any merit.

“At some point soon, we may see a more concerted campaign from the large claims companies targeting brokers.”

The anticipated influx of complaints has not yet materialised

12 months on, while we’re still seeing a trickle of this type of complaint, it’s definitely cooled off and the influx of complaints we’d anticipated has not yet materialised. Though, that’s not to say it couldn’t still come.

If you receive a complaint relating to fixed-rate mortgages, or any other mortgage-related matter, we can help.

While you may feel an understandable element of frustration, if you have advised your client correctly – based on the facts at the time – you’re unlikely to have any cause for concern.

Keeping comprehensive client files and clearly recording your reasons for any particular product recommendation should be clearly shown in your recommendation report. This detail can help to demonstrate why you made the recommendation to your client – whether due to price, features, or future plans.

To understand the full details surrounding the complaint, your client file will be the first thing we examine. With a clear idea of the grievance being brought, we’ll carry out a detailed investigation to uncover the facts and find the evidence needed to help you defend your position.

Get in touch

From evaluation of the complaint to the “final response”, and beyond, we take care of every aspect of the process. Plus, subject to your PI insurance policy, your legal defence costs may be covered.

If you’d like to find out more about how we can help you resolve a complaint, we’d be delighted to answer your questions.

Please email, book a short call by completing our online form, or call 029 2000 2325.