Reclaiming money back from mortgage adviser

Pookieboo

Hi, I wasnt sure where to put this!!

In November 2007, we used a mortgage broker for our remortgage. The fees were £2k, and they said will 'last forever' meaning at the end of our deal the would contact us and do another remortgage etc. This fee was added to our mortgage.

Now, he advised us to take out a SINGLE PREMIUM PAYMENT PROTECTION policy, which as we didnt know any better we agreed to. This cover cost £4k, and again added to the mortgage along with all interest charges.

It wasnt until reading this site did we discover these policies are frowned upon. So, we wont to the insurance company who happily refunded the majority of the premium we had paid (yay!)

Now, my dilema is do I take it further?? We obviously do not want to use this broker again, do you think we could get some of the £2k fee back???

Also, (the answer is probably no!!) but is there anything we could do about the interest that accrued with these policies/fees being added to the mortgage?

Many thanks for any help/advice.

dunstonh

Now, my dilema is do I take it further??
We obviously do not want to use this broker again, do you think we could get some of the £2k fee back???

You have no chance of getting the fee back as that was paid in relation to the placement of the mortgage. You also complained to the insurer who refunded the majority of premium (probably pro-rata against a monthly one with time covered). That suggests the mortgage adviser was a tied agent as the insurer only has liability if the adviser works for them or is an agent for them. In which case, the complaint has already been dealt with and settled. If you are not happy with that outcome you only have 6 months to take it further. After which you are timed out.

Also, (the answer is probably no!!) but is there anything we could do about the interest that accrued with these policies/fees being added to the mortgage?

This should have been dealt with as part of the original complaint.