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  • FIRST POST
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:03 PM
    • 12Posts
    • 1Thanks
    Alexia123400
    Can we claim back our mortgage broker fees?
    • #1
    • 15th Mar 17, 4:03 PM
    Can we claim back our mortgage broker fees? 15th Mar 17 at 4:03 PM
    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
Page 1
    • kingstreet
    • By kingstreet 15th Mar 17, 4:06 PM
    • 31,708 Posts
    • 16,943 Thanks
    kingstreet
    • #2
    • 15th Mar 17, 4:06 PM
    • #2
    • 15th Mar 17, 4:06 PM
    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
    • By McKneff 15th Mar 17, 4:07 PM
    • 35,460 Posts
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    McKneff
    • #3
    • 15th Mar 17, 4:07 PM
    • #3
    • 15th Mar 17, 4:07 PM
    Read your paperwork, it will say on there. Presumably you sgned something
    No one can make you feel inferior without your consent
    • LKRDN_Morgan
    • By LKRDN_Morgan 15th Mar 17, 4:08 PM
    • 265 Posts
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    LKRDN_Morgan
    • #4
    • 15th Mar 17, 4:08 PM
    • #4
    • 15th Mar 17, 4:08 PM
    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
    • By Alexia123400 15th Mar 17, 4:28 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    • #5
    • 15th Mar 17, 4:28 PM
    • #5
    • 15th Mar 17, 4:28 PM
    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
    • By dunstonh 15th Mar 17, 4:32 PM
    • 88,766 Posts
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    dunstonh
    • #6
    • 15th Mar 17, 4:32 PM
    • #6
    • 15th Mar 17, 4:32 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:36 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    • #7
    • 15th Mar 17, 4:36 PM
    • #7
    • 15th Mar 17, 4:36 PM
    Thanks for clearing this up.
    I appreciate the time taken to reply
    • kingstreet
    • By kingstreet 15th Mar 17, 4:43 PM
    • 31,708 Posts
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    kingstreet
    • #8
    • 15th Mar 17, 4:43 PM
    • #8
    • 15th Mar 17, 4:43 PM
    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?
    Last edited by kingstreet; 15-03-2017 at 4:46 PM.
    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
    • By Xxlouisekxx 15th Mar 17, 4:44 PM
    • 25 Posts
    • 0 Thanks
    Xxlouisekxx
    • #9
    • 15th Mar 17, 4:44 PM
    • #9
    • 15th Mar 17, 4:44 PM
    Did he go over his agreed limit? Was your broker aware of this? Had he seen the statements?
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:45 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    No he banks with nationwide but the application was put in to platform (part of co-op bank)
    Via the mortgage broker
    • Alexia123400
    • By Alexia123400 15th Mar 17, 4:48 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    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
    • kingstreet
    • By kingstreet 15th Mar 17, 4:53 PM
    • 31,708 Posts
    • 16,943 Thanks
    kingstreet
    As mentioned, there are many lenders which would have no problem with this and unfortunately, Platform obviously isn't one of them.

    Ask your broker to get you an alternative now as you are not going to sit around for three months waiting for Platform to love you again.
    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.
    • ACG
    • By ACG 15th Mar 17, 5:12 PM
    • 15,225 Posts
    • 7,698 Thanks
    ACG
    Where has this 14 days come from?

    As a broker, I only charge my fees on full offer, my view is that you come to me for a Mortgage so I should only be charging if I get you a Mortgage. Other brokers views are that they have had to do work submitting and so they should get paid. I suppose there is no right way of doing it.

    If the brokers ToB says no refunds then I am not sure there is much you can do. You can not agree to terms but then when it does not go how you planned ask for a refund.

    Although I think you could argue that Platform were the wrong lender under the circumstances. If it is clear from the bank statements he went over his overdraft then it should have been picked up before applying and a different lender chosen - I used to work for Co-op and they are quite strict.

    I agree with Kingstreet, there are probably other lenders who will do it subject to the finer details. Platform are never going to be a last chance saloon.

    Im not sure if you are entitled to your money back without seeing the paperwork, but I think assuming they have made an error with the bank statements you stand a good chance of getting it back if you push it.
    I am a Mortgage Adviser
    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.
    • Futuristic
    • By Futuristic 15th Mar 17, 5:15 PM
    • 723 Posts
    • 360 Thanks
    Futuristic
    Where has this 14 days come from?
    Originally posted by ACG
    I assume he thinks cooling-off period applies here like other services.
    • Alexia123400
    • By Alexia123400 15th Mar 17, 7:27 PM
    • 12 Posts
    • 1 Thanks
    Alexia123400
    Yes I was referring to the 14 day cooling off period and if this was applicable, however from these responses I think not in this case.
    That's interesting to hear we may have been misadvised to go with platform under the circumstances and the over drawn bank statements should have been picked up on.
    Thanks again for the advice and info
    • Thrugelmir
    • By Thrugelmir 15th Mar 17, 10:50 PM
    • 54,778 Posts
    • 47,660 Thanks
    Thrugelmir
    It was due to a direct debit being set up on the wrong date which took him over his limit
    Originally posted by Alexia123400
    Direct debits are notified at least 10 days in advance. Lenders will view the matter as poor personal financial management. Not an ideal situation when one is applying for a mortgage.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
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