Mortgage Advisor Trouble

kinglewis

The girl from halifax said from this point forward they have little input into the whole process so I hope she's right.

I was going to suggest going direct to the lender... glad you got it sorted. Don't worry about the estate agents now they will just be grateful of the sale.

It is true agents are renowned for 'forcing' people to use their own IFAs to 'check out a buyers financial position'. They should be named and shamed.

opinions4u

I find it hard to believe that the op didn't realise he was applying for a mortgage.

Many don't understand the difference between an 'Agreement in Principle' and a full application.

Many don't understand what estate agents, conveyancers, mortgage advisers, valuers etc do and where responsibilities move from one to the other.

Many are unable to see beyond the house purchase - the actual paperwork involved is a mere distraction from their dream.

Many are simply gullible.

For many, the whole process is a mere blur of fog that they simply don't understand and have a total reliance on a handful of so called professionals to do the right thing on their behalf.

In part, it's the fault of the industry and, in particular, poor explanations of the process by the different people within that process.

In part, it's the fault of society where people aren't really encouraged to research information and get an understanding of exactly how specific situations impact them.

I have a fairly good understanding of the processes involved. But if you asked me to change the exhaust pipe on a Vauxhall Astra I'd be totally bloody clueless!

I hope the OP isn't in any way out of pocket for this.

haras_nosirrah

opinions4u wrote: »

Many don't understand the difference between an 'Agreement in Principle' and a full application.

While this is true the client didn't think he was doing an agreement in principle, he thought he was doing a bankrupcy check and then paying for a valuation on the property.

Fair point that he wouldn't necessarily know everything about mortgages, I would have thought he would of questioned the level of detail being asked and the fact he was paying money out.

I am not saying the OP is lying I am just saying I am surprised he didn't realise that he was applying for a mortgage.

If nothing else maybe the op will learn to read before signing. One of the clauses in the terms of business documents signed says something along the lines of 'we are applying for the mortgage product as detailed in your KFI'

dunstonh

Using the same lender was also a way to confuse the OP.

powerwin

opinions4u wrote: »

In part, it's the fault of the industry and, in particular, poor explanations of the process by the different people within that process.

In part, it's the fault of society where people aren't really encouraged to research information and get an understanding of exactly how specific situations impact them.

Research is why I am here on these forums, and at least the OP is here now too.

Rgds

magpiecottage

I can only endorse what DunstonH and Wakey2008 have said.

Behaviour of the type you describe cannot be tolerated - it is detrimental to both honest and conscientious IFAs and mortgage advisers.

I don't like to see complaints against IFAs or mortgage advisers but unfortunately there are those who think they can get away with it and a complaint against them is the only thing that they are likely to take notice of.

Since Halifax should be able to verify your claim to have already applied for a mortgage, it ought to be upheld and, whilst you won't be entitled to megabucks, I think there should be a modest award in recognition of the distress and inconvenience you have been caused.

For those who say you shouldn't have been so gullible - the Chief Ombudsman said last year that this is not an argument that is likely to impress him!

DunstonH is right - your account of events suggests he set out to confuse you and set out to take advantage of your lack of understanding.

Johnnywelsh_2

Well I thought I was rid of this but yesterday I recieved a letter from friends provident a life insurance company about an "application for life cover decreasing" I don't know if it's for a quote or full application but the wording on it seems to suggest the latter.

"You have authorised your financial adviser to obtain insurance cover for you and take all steps needed in that process. This will include inputting the answers to the application questions into our online system on your behalf".

I've tried to contact the head of the estate agents branch but he's out due to snow so hopefully he'll be in touch. Contacted trading standards explained the whole thing they said all they can do is file a complaint about the way they lied to me saying I had to go and see their financial advisor or risk the purchase falling through. They told me to contact the FSA.

Explained the whole thing to the FSA and they said all I can do is write a complaint letter wait up to 8 weeks then go to the FSA obisman if it's still not resolved! This seems outrageous as he's now applying for things I said I'm not even interested in being quoted for. I'm 24 and already got it with my work as a company benefit.

As regards to the didn't know he was applying for a mortgage it took 30 minutes for him to take all the details and it seems the ordinary amount of details person details, financial income, house details area, everything I'd expect them to take to get a quote for me.

As for reading the documents yes I probably was in the wrong there. When he handed me the two bits of paper to sign he explained to me that it was to say he had given me all the proper financial advise to me so that I could make an informed decision and take out whatever I wanted. In future I won't be so trustworthy and will be reading anything I sign.

During the process everything he was printing out he kept on a pile at his side of the desk and only when I left he put them into an envelope and handed them to me.

For haras_nosirrah question about the documents I signed, I remember signing in two places on the same printout. I just looked through all my handouts I've been given but he didn't give me a copy of that sheet.

Johnnywelsh_2

haras_nosirrah wrote: »

While this is true the client didn't think he was doing an agreement in principle, he thought he was doing a bankrupcy check and then paying for a valuation on the property.

Fair point that he wouldn't necessarily know everything about mortgages, I would have thought he would of questioned the level of detail being asked and the fact he was paying money out.

I am not saying the OP is lying I am just saying I am surprised he didn't realise that he was applying for a mortgage.

If nothing else maybe the op will learn to read before signing. One of the clauses in the terms of business documents signed says something along the lines of 'we are applying for the mortgage product as detailed in your KFI'

When he explained the £280 charge I did question it as Halifax had told me as they were doing the mortgage they'd also handle the surveying. I said "I thought Halifax were going to do this for me?" and he said it is with the halifax I'm logged into their system. I'm simply speeding up for process for you. At that point I thought he was going to do the surveying which could be used on any mortgage (the one I had planned) or the one he was quoting me for.

Where it turned out to be a survey and application for his one.

Also a few people have mentioned discounts etc on fees. To be honest all I'm looking for is a way to stop this guy putting applications for life insurance, house insurance and god knows what else. When doing it he said his quoting system kept my details private and I wouldn't recieve any phone calls etc. I've had about 8 calls this week alone for house insurance and 2 about life insurance.

My ideal solution would be the estate agents remove ANY applications they have or planned to put in and any details about me are deleted (other than what needs to be saved to make the purchase go though.) If anyone knows a way to do this I'd be very greatful as I'm really just fed up of the entire thing and want this guy out of the picture so I can go back to worrying about buying my first house!