Is it normal for an advisor to keep hold of your payslips, bank statements etc?

Lemoncurd

We applied for our mortgage back in March/April. The advisor took copies of our payslips, P60s and statements and signed and stamped the copies but when I asked for the originals back he said. "No, we need to send the certified copies to the lender and the originals to the Administration Centre in case there are any problems.". We weren't too happy about this but just accepted it and it was always on our minds to ask for them back.
We half expected for them to arrive through the post once the motgage had been advanced but finally got around for asking them back a few weeks ago. I called the admin centre and was told that they woudn't have them, they don't get the originals. She said she would contact the advisor.
Didn't hear anything so I went into the advisors office to ask for them a week ago. He wasn't there but someone said they would contact the advisors manager and he would get back to me. I still haven't heard anything.

If the documents have gone walkabout is it possible to get a duplicate P60? I now think I'm owed some tax from that year and the tax office said that they need the P60.

KTF

The original documents have always been returned to me. They take a photocopy as proof of income and those are the ones that they keep hold of.

If you contact your employer then they should be able to give you another P60.

herbiesjp

Advisers will normally take certified copies of all paperwork involved and send back the originals.

A duplicate P60 can be got from your employer or the inland revenue.

payless

since 31/1/04 most lenders will accept copies certified by finanacial advisers/ mortgage advisers,( and as I assume you dealt face to face, copies could have been made then - if the lender creally wanted originals, then again giving you a copy in meantime would have been nice) perhaps his admin dept also wanted them in case they had to place with new lender, or to check that correct income was quted on the application - that said can't see why they should not have also been able to accept copies, either way are they saying they have not got originals nor a copy!

AndrewSmith

I agree with payless, I myself also copy everything in front of the client (I have a portable scanner/copier for when I do home visits) meaning I take no original ID away with me.

Certainly in the last 2 years I have not yet come across a lender who will not accept Advisor certified copies.

Some corperate brokers are told by their employers to hold onto original paperwork as it stops the client going elswhere for advice. This may be what has happened but obviously I cannot comment.

Andy

sarah_elton

I just got a mortgage with HSBC direct, not through a broker. Had to send off to them original payslips and bank statements, but they were returned within a couple of weeks along with the decision letter.

Keep calling the advisor, or write to him if you still get no joy.

Lemoncurd

AndrewSmith wrote:

Some corperate brokers are told by their employers to hold onto original paperwork as it stops the client going elswhere for advice. This may be what has happened but obviously I cannot comment.

This is exactly what we suspected was happening at the time (but didn't feel certain enough to do anything about it) - the advisor knew we'd spoken to several other people and had done our research and admitted he'd found us quite hard work. At one point when we were looking at applying for a particular product he even asked us to promise that we wouldn't turn around and get it directly from the lender. This and a few other things made us wary of him.
It certainly seems very sus that he told us that the docs had to go to the admin centre and the admin centre now tells us that they never have the originals.

AndrewSmith

What would be useful is if you still have a copy of the Broker' Terms of Business Letter or Initial Disclosure Document, showing who to contact to complain.

Call the broker, give him one final opportunity to return the documents within 7 days ( he cannot legally hold them if you have requested them back). Tell him if they are not returned in this time you will make the complaint formal through his company's complaints proceedure, and further if necessary. Give him one chance to be honest if he has lost them (if he has then demand compensation for replacements) and tell him you just want the truth and / or your documents back. Tell him this is the last time you will be asking without making it a formal complaint.

See what happens

Andy