Mortgage Through EA Broker NO KFI / Disclosure Doc

redrosegirlie

Hi,

We have taken out a mortgage for a purchase through our EA broker and we are generally very unhappy with them. (We have the offer now)

The mortgage was arranged over the phone and as she had previously done a remortgage for us she had all of our details so we haven't seen her face to face or signed anything.

We haven't received a key facts illustration or an initial disclosure document.

She often doesn't return our calls and is difficult to get hold of. We have often had promises by text that she will ring us tomorrow but she doesn't do.

We have twice had factually incorrect information / advice from her that could have potentially caused problems.

This along with rude rottweilers in ours and the vendors EA is causing us added stress which we really don't need in the middle of a house move!

We are going to see her next week to go over the offer. Should we complain?

Thanks

_Andy_

Yes absolutely.

Dan_1976

Hell yes! Tell her via email if you can, ask her for her compliance officer's details. SHe will all of a sudden return your calls!

redrosegirlie

Thanks Andy & Dan,

When is it best to complain? After we have completed so that she can't mess things up for us?

What are the implications if any about the lack of the KFI and initial disclosure document?

betmunch

I would complain straight away.

You shouldnt have an offer unless you have a KFI and IDD. These should ahve been sent to you at the apropriate times in the process, but clearly they havent!

Also, how can they have produced an offer without you signing something to say you have applied? Terms of Business? etc

Which EA is it, I am sure someone will be able to post you the phone number for complaints for the relevant company.

redrosegirlie

I don't want to identify the EA as I'm sure they could scupper my sale if they wanted to

betmunch

I dont think they will. That will cost the EA thousands of pounds (depending on the sale price). Also, do they know you as redrosegirlie?

If you complain after taking the mortgage what do you hope to achieve?

What is it you are unhappy with?

_Andy_

betmunch wrote: »

If you complain after taking the mortgage what do you hope to achieve?

What is it you are unhappy with?

As stated, the broker hasn't adhered to legislation/basic compliance and hasn't responded to calls etc.
So not only have they failed to produce standard documentation required of them, they've also given a bad service.

betmunch

Yes of course, I should have read back shouldnt I?!!!

So, what does the OP want to achieve though?

Making that kind of complaint will not result in anything beneficial for the OP. However it would cause a huge problem for the advisor.

I would hope the OP would still make the complaint, even if it is just so that others do not get the shoddy treatment from this broker, we need to get these kind of people retrained, or out of the industry.

It just seems like a lot of hassle to the OP to me.

dunstonh

Thats what you get when you use the distribution channel with the worst reputation possible. Put a complaint in as its cowboys like this that damage the reputation of the good ones.

_Andy_

Betmuch - you're right, the OP hasn't got anything to gain personally from the complaint, but obviously the shoddy service and lack of compliance adherence needs to at least be raised with their network.
Totally agree with Dunstonh as well.