Mortgage Advisor Trouble

Johnnywelsh_2

Hey All,

I'm a first time buyer and had a bit of trouble today regarding a Mortgage advisor for a estate agents.

My appointment with this advisor was at 5pm today and prior to this I got all my mortgage offer and solicitors stuff sorted. I talked to my mortgage person in halifax and solicitors and was moaning about having to go to this meeting that they said was compulsory and they advised me I didn't have to go.

On arriving at the estate agents I asked if I could not bother with seeing the mortgage advisor as I had already sorted out the mortgage and solicitors myself. I was told by one of the girls that I had to do it or I risked the property falling through because they had to do a bankruptcy check.

So I went ahead and saw the guy, the first thing I stated when I went in was that I'd already sorted my mortgage and solicitor out to this guy and he said yeah thats fine. He went through all the stuff I knew about mortgages already then fired up an application on his computer that he said took him straight into halifax and that'd he'd see what he could do for me. After punching in 35k deposit (a figure I'd said on the phone 3 days ago when he phoned me as an ESTIMATE) he rattled off all these rates etc then asked me for my debit card number.

Me being stupid I thought it was for the bankruptcy check gave him all my card details only for him to reveal it'll be £280 to go ahead with the surveyor for the mortgage lenders to value the property. I questioned this saying but Halifax told me they were going to sort all this out for me? He assured me this is with Halifax and he's just helping speed things along so I agreed.

Cutting to the point I got home read the documents he printed out for me but hadn't showed me at the time and it turns out all this was for an actual application and not a quote which I thought it was for!

The halifax girl who's been doing my mortgage all along has been cut out by this guy and I feel awful on her and don't trust this guy anymore who's now in charge of the transaction of the property I'm putting in for.

In short I feel duped at no point was I told that it was for an actual application. I phoned the guy who said yes it was for an application and I can't back out as it's already taken the payment for the surveyor. I don't know what to do now.

I emailed the estate agents but I doubt they'll get back to me anytime soon about this guy. I'm afraid of causing too much a fuss in case it risks the house falling through (which is a reprocession) they could say they lost documents etc I don't know!

I also wanted to contract the FSA and ask for advise but again I fear this may stir up an hornets nest and put me on bad terms with the estate agents. Is there anyway to cancel the mortgage the mortgage advisor put through and go back to the original halifax offer I was happy with?

Any advice greatly appreciated as I'm really panicing about the entire situation, as if buying a house wasn't enough

DevilsAdvocate1

I believe there is a 14 day cooling off period. When we bought our house the builders insisted we saw their IFA. I had done a lot of reading and wanted a repayment mortgage. This was at a time when most people opted for endowments. The IFA waited until I left the room and turned to my OH and persuaded him to go for an endowment mortgage. After signing I had huge doubts, showed the information to my OH who agreed. However, the IFA refused to let me cancel, telling me most people took endowments and they couldn't all be wrong. I knew there was a 14 day cooling off period but he denied that this was the case. I contacted the building society direct (Leeds) and explained the problems I was having with the IFA. They sorted it out and made sure I went onto repayment and I cancelled the endowment directly with the company.

If I had this problem now, I would use a recording device / service (such as Rectel) and then ring him to cancel while recording the call. I would also ensure that I got into the conversation that you had already agreed a mortgage with the Halifax and did not agree to this money being taken. I would also contact your bank and explain that you did not authorise the transaction.

If you have already agreed on a mortgage with the Halifax then you should be able to prove your version of events.

Good luck.

D.

powerwin

Johnnywelsh wrote: »

My appointment with this advisor was at 5pm today and prior to this I got all my mortgage offer and solicitors stuff sorted. I talked to my mortgage person in halifax and solicitors and was moaning about having to go to this meeting that they said was compulsory and they advised me I didn't have to go.

Had you already filled in a mortgage application form with the Halifax girl then?

Did you sign anything when you were with the mortgage advisor?

Rgds

Johnnywelsh_2

I did everything by phone with the girl from Halifax. I did have a proposal letter about my mortgage offer and she'd put down that I wanted a surveyor with them too. Not sure how long in the process that is.

I did sign two pieces of paper with the guy but he explained they were just saying that he'd given me all the advice he could about mortgages to make me own informed decision. I scanned the page I was signing briefly and I couldn't see anything on there alarming that was close to mentioning putting an application in for a mortgage.

Johnnywelsh_2

Just to keep everyone up to date on what's going on in case they're ever in a similiar situation I've contacted the Halifax and they've said they're going to see what they can do about the application. I've also contacted the estate agent and asked for the manager but he wasn't in so the girl asked if she can help. I told her about the whole thing and said I'd like someone else in charge of the transaction if possible. She is friends with this mortgage advisor guy so they're probably going to kick up a fuss they're side but I'm passed caring.

I also contacted the FSA and they said if at anytime I feel the estate agents are not putting stuff through for me etc because of this I can contact them make a complaint and they'll get their regulatory team onto it.

Hopefully though I don't have to go down that root as it'll just slow everything down. I just want the Halifax to sort out my mortgage application then I'll phone when the Manager of the estate agents is in on Monday and sort out a new representative for me.

dunstonh

On arriving at the estate agents I asked if I could not bother with seeing the mortgage advisor as I had already sorted out the mortgage and solicitors myself. I was told by one of the girls that I had to do it or I risked the property falling through because they had to do a bankruptcy check.

That is a lie and an attempt to bribe you into using their own sales staff.

In short I feel duped at no point was I told that it was for an actual application. I phoned the guy who said yes it was for an application and I can't back out as it's already taken the payment for the surveyor. I don't know what to do now.

You complain to the employer of the mortgage adviser at the estate agent that you were lied to by the mortgage adviser. Basically saying what you have here.

I also wanted to contract the FSA and ask for advise but again I fear this may stir up an hornets nest and put me on bad terms with the estate agents. Is there anyway to cancel the mortgage the mortgage advisor put through and go back to the original halifax offer I was happy with?

The agent has effectively committed fraud in getting you to do what you have. Dont worry about the property as your complaint can have no impact the property purchase. There are rules in place to prevent that from happening. Also, for most firms, the person handling the complaint will not be based at that local branch but at a central location.

Wakey2008

Not only have the estate agents and mortgage adviser lied to you. The adviser has also broken regulation. He should have given you all the facts of his terms of business prior to looking at or discussing any products.

Johnnywelsh_2

Thanks for all the help guys. Just come off the phone to the girl from Halifax and she's canceled whatever he done and put me back on my original application. Turns out after I asked him to cancel and he said he couldn't because surveyor had been booked etc he hadn't even put it though to the surveyor.

Now my mortgage is sorted I just need to get someone else dealing with the transaction. The girl from halifax said from this point forward they have little input into the whole process so I hope she's right. I think best thing for me to do is wait until the purchase has gone through then I'll make a complaint to the FSA so that no one else gets scammed like I was.

LXGB

Glad you sorted this out!

I had dealings with an estate agent about 10 years ago who took advantage of my lack of knowledge at the time. They told me I had to go through their "Financial Advisor". The whole thing was a nightmare.

I too complained to the FSA and ended up settling on a massive reduction of the estate agents selling fees as well as getting a much better mortgage deal by going direct to a mortgage provider I found using an online comparison site.

Like every trade there are good and back apples out there. In my experience however, the so called financial advisors working in estate agents offices are not very good at all.

dunstonh

In my experience however, the so called financial advisors working in estate agents offices are not very good at all.

That matches the industry perception as well. Estate agent advisers have a one hit chance to get you and the lies they tell (like putting your property purchase at risk if you dont see them) are common place. That said, small independent estate agents dont tend to use those tactics. So, dont want to tar them all with the same brush.

haras_nosirrah

I find it hard to believe that the op didn't realise he was applying for a mortgage. The amount of details advisors take on the computers mean it would take around two hours to go from initial fact find to finishing a full application. Especially if he had already applied with Halifax he would recognise the questions being asked - your employers address, bank address, personal details, copies of ID, payslips and bankstatements for example - did you question why he needed that much information? You should have at least signed to say you have recieved terms of business, KFI, lender declarations, direct debit forms, initial declaration documents etc.

If you didn't recieve these items then you definately have grounds for a large complaint against the company as these is no way they can submit applications without your signature agreeing to their term of business. The application would have also contained many errors if the detailed questions hadn't been asked.

You need to ask for their complaints procedure and put your complaints in writing but as I say I do find it hard to believe that he didn't realise that an application was being done. How long were you there for?

Can the OP say which estate agency chain it is?