Any inside industry help with mortguage out there?

baileybum

Hi just been having a little problem with a well known mortguage lender on the high street can any one with industry experience offer any advice?

My wife and I are looking to buy our first house and have been a little nieve with our last mortguage lender.

We saw a house we liked and put in an offer. The offer was excepted but within 7 days the seller took the house off the market.

I told my mortguage adviser who we were paying extra money for an all in package not to let any more money come from my account until we had decided what to do.

To cut the long story short he didnt and the fees amounted to 1400 pounds we have had to pay.

When we signed all the paper work he promised he will keep and eye on everything and nothing happens with out him knowing

Will I ever be able to get any money back?

I have since seen another house and gone with a totally different mortguage lender who has been reccomended by a family member.

Thanks in advance for any help or advice.

Jarrett and Ingrid

hermanmunster_3

why change mortgage lender? If you stay with the first one you may not lose the fees

baileybum

I originally went with the first lender because they said they would take the house off the market straight away if I used them for my mortguage.

I did have a mortguage agreed in principle already but the house seller insisted I attend a meeting with the advisor before any agreement.

I knew I could get a better value mortguage with a whole of market lender as I have read on here but to get the house off the market before I got guzzumped seamed a very good option at the time.

I have no reason to stay with the first lender Connells since I now have a better rate with Andy the whole of market lender my sister used with free surveys all thrown in with Abbey.

Maybe my only option is to try to hurry it all through to avoid the stamp duty and get it back that way.


Thank you!

Jarrett and Ingrid

Berkshiregirl

Can I just check whether you mean mortgage lender (eg Halifax, Nationwide) or mortgage advisor?

g_attrill

baileybum wrote: »

I originally went with the first lender because they said they would take the house off the market straight away if I used them for my mortguage.

I did have a mortguage agreed in principle already but the house seller insisted I attend a meeting with the advisor before any agreement.

This is pretty underhanded - if it were me I would be making a complaint. As long as you were able to provide the same evidence of funding then it seems they would be treating you more favourably becase you are using a connected service, which is not legal.

baileybum

The mortguage advisor offered a whole package arrangement where he arranged the mortguage (Halifax), the insurances, solicitor ect ect. I was sold the fact that he could keep an eye on every thing and with the COnnells buying power I would be protected.

I have phoned Connells today and pointed out that 645 mortguage arrangement fee came out of my account 5 days after I phoned him to stop all payments since he notified me of the house falling through. He said it shouldnt of been taken out and he will look into it. I will phone him again tomorrow.

If I can get half the money (the 645) I will be happy. I will have to write off the 90 booking fee, the 299 advisor fee and the 295 for the searches. I am giving Connells a chance to redeam them selves here. The 299 is for a life time of mortguage advice with the Connells one off fee by the way.

I have yet to tell Connells I have a new mortguage else where and I dont know if I have to or not. I have to admit when I phoned him earlier he did seam excited to the fact that I could of found a house and then let down once I explained my conserns.

Thanks for the help here folks it is really appreciated!

baileybum

Appologies I ment advisor sorry Berkshiregirl.

Tuscan

have i got this right, the seller of the house told you to go with a adviser of his choice or he would not take the house off the market, even though seller agreed your offer and you already had another mortgage offer in place.

you did as he asked then a few days later he pulls out..

something really stinks here.

Chuzzle

Do you mean Connells as in the estate agents Connells?

Conrad

Ok you were forced to use connels broker initaly - that's the oldest trick in the book - to pretend it's the seller themselves that want the buyer seen by Connels mortgage advisor. NO seller would ever make such a request. The agent only said this to get you in.

Ask for all your money back.

Leon_W

Agree with Conrad.

Ask for all your money back.

Lessons.
1. Never use the mortgage broker of the estate agent you are BUYING through.
2. Never use the recommended solicitor of the estate agent you are BUYING through
3. If you are BUYING a newbuild, never use either solicitor or broker recommended by them.

I'm not saying they are all bad but the ones who employ the hard sell tactics as mentioned by the OP invariably are and have vested interests, if for whatever reason you do use them keep your wits about you.