Can we claim back our mortgage broker fees?

Alexia123400
Alexia123400 Posts: 12 Forumite
in Mortgages & endowments
Hi all
We applied for a mortgage last week which unfortunately has come back declined despite having a mortgage in principle.
At the time of applying we paid £500 fees to a mortgage broker.
Can we claim the fees back? No mortgage has been taken out and we are still within 14 days. Is there a cooling off period?
Thanks
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Comments

  • kingstreet
    kingstreet Posts: 38,739 Forumite
    First Anniversary Name Dropper Photogenic First Post
    What do the terms of business you signed say about refunds?

    Is the broker doing nothing else fr you, or are they working on an alternative?

    How did you get an agreement in principle pass and a full application fail? What's the issue?

    Which lender?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • McKneff
    McKneff Posts: 38,819 Forumite
    Name Dropper First Anniversary First Post
    Read your paperwork, it will say on there. Presumably you sgned something
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • LKRDN_Morgan
    LKRDN_Morgan Posts: 308 Forumite
    What does the terms of business you would have signed say? Being declined isn't the same as changing your mind on the broker and asking for your money back. Presumably he/she did the work and submitted the application? Have you spoken to them about trying another lender?
  • Alexia123400
    Alexia123400 Posts: 12 Forumite
    Thanks for everyone's responses.
    We failed due to my husband going over his overdraft limit (which I knew nothing about)
    Yes he has suggested we wait 2 months for hubby to 'clean up' his account and re-apply but we are not in a position to wait .
    We would just rather look elsewhere but don't want to lose the £500 paid
    We are still within 14 days of making payment
  • dunstonh
    dunstonh Posts: 116,252 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    You have another thread running on this. I have already replied on the other so wont overlap the same thing here. However.....
    We would just rather look elsewhere but don't want to lose the £500 paid

    Tell the broker that then and they will look at alternative mortgage options for.
    We are still within 14 days of making payment

    Irrelevant.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Alexia123400
    Alexia123400 Posts: 12 Forumite
    Thanks for clearing this up.
    I appreciate the time taken to reply
  • kingstreet
    kingstreet Posts: 38,739 Forumite
    First Anniversary Name Dropper Photogenic First Post
    edited 15 March 2017 at 5:46PM
    There are other lenders who will not be worried about a minor current account conduct issue. This tends to be a deal breaker for the clearing banks.

    Was the application submitted to the bank with whom your husband has his current account? RBS? NatWest perchance?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Xxlouisekxx
    Xxlouisekxx Posts: 25 Forumite
    Did he go over his agreed limit? Was your broker aware of this? Had he seen the statements?
  • Alexia123400
    Alexia123400 Posts: 12 Forumite
    No he banks with nationwide but the application was put in to platform (part of co-op bank)
    Via the mortgage broker
  • Alexia123400
    Alexia123400 Posts: 12 Forumite
    He went over his agreed limit on his overdraft (I was not aware of this)
    Not sure the broker was either but he had the bank statements in his possession for a number of days before he submitted them.
    Is it his duty to check the bank statements?
    It was due to a direct debit being set up on the wrong date which took him over his limit
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