Advice on re-mortgage mis selling

sparks100_2

My special rate with my mortgage provider (Portman) is coming to an end soon, so my financial adviser recommended I change to Scottish Widows who are giving a better rate( 4.69%).
I followed his advice and went through the process and sent Scottish Widows a non refundable cheque for £295.00 process fee.
In the meantime, I contacted Portman who offered me a new rate of 4.89%.
Since my mortgage is only £32000 I am only saving £72 over 2 years with the better rate,BUT it is costing me £295+broker fee of £175 to save £72.
Therefore I think I have been given wrong advice.
Is it possible for me to claim the £295 from the financial advisor since it is his fault?
I have cancelled the mortgage from Scottish Widows and stayed with Portman and so saving the advisors fee of £175 which I only pay on completion but I am still £295 out of pocket.
Any suggestions?

dreamylittledream

Depends on the brokers remit which would have been in his (her) term of business.

Given they would only have been paid on completion I suspect that they were not independent - in which case they would not have been able to refer you to any retention (loyal customer) deal from your current lender.

The moral of this story is speak to your existing lender before paying any money to secure a mortgage deal - especially if you have a small mortgage.

david29dpo

you have been used, end of story. name and shame him, and tell him you intend to tell anyone who will stand still long enough. also, sink to his level and ask him to pay you the £295.

david29dpo

ps, it the only way we are going to get rid of scum like this. good luck and keep us posted.

MortgageMamma

Personally, I always recommend my clients check what their existing lender is going to offer them before I even bother to advise them. It is the correct way to go about it. When the client comes back with the deal I then advise them. If I can't beet the existing lenders deal, so what, I've done whats best for my client and they appreciate that. A good advisor would always check your existing lender first. I don't care what anyone else thinks or says about this.

sparks100_2

Thanks for your info. I will contact the broker and try and squeeze some money out of him.

MortgageMamma

Sparks, don't call them, write to them, and copy the company compliance officer in, you stand a better chance that way. good luck.