Do I have a case for compensation?

Martynbt

Recently took out a mortgage with HSBC on the GLO Open market Homebuy scheme. 82.5% mortgage, 17.5% equity loan repayed on sale of property. 17.5% counts as deposit.

I went to HSBC as I've banked with them for 22 years and their tracker was best deal. From first of 3 meetings informed them of the scheme. On application gave them documents detailing the scheme and was advised they could work with scheme. I received a mortgage offer for £113000 (82.5%).

When it came time to complete purchase the scheme required acknowledgement from HSBC of the 2nd charge on the property. At this point Mortgage advisor went awol and I was left to deal with the call centres. After 14 phone calls I was advised that their was no record of the scheme on my application and that HSBC would not be likely to lend me the full 82.5%. Still couldn't get hold of my advisor and neither could his colleagues at the mortgage service centre. Finally having sent an email threatening to approach the branch manager I got a response.

I would have to put £12k - 10% into the purchase. As the funding for the scheme ended on the 30th of September I was advised by the scheme provider that they would not allow me to change to another mortgage provider as I would not be able to complete in time and I would forfeit my funding of £22k.

I was left with no choice. I had to accept the HSBC mortgage or lose the funding. Had HSBC advised me they would require me to put 10% into the property I would have taken a mortgage out with a different provider.

I now have a house but no money for furniture or to carry out the work planned in the purchase decision!

Have I been miss-advised and do I have a case fro compensation?

Ian_Griffiths_Halifax

Do you have the Key Facts Illustration from the Adviser? This could give you some back up, though I don't think it will break down what deposit funds were coming from where.