mortgage broker issues-where do I stand legally?

a1pacino · 13 January 2010 at 5:01PM

I was not given an IDD and the key facts just gives info on not charging fees on insurance and mortgages, also the broker himself hasnt emailed me- the estate agent has though.
I have just spoken to the estate agent who said that the mortgage broker is going to the FSA about the bank offering me a better deal directly than when I was offered one with the same bank through the broker, he said that they shouldnt have done that -do they have a chance of getting the bank to withdraw from offering me a mortgage directly?
He said that my offer on the house still stands and the house is not going back on the market which is good news.
The bank who have offered me the better deal have credit checked me which they said was very good as I have never been in debt, always payed bills on time, have no dependants and do not spend a lot in fact I have been saving over £1000 a month in bonds for the past 6 months and have very little outgoings. They offered me a better rate than the mortgage broker, no arrangement fee, a lower valuation fee and they have sent my bank statements,payslips,id etc to the underwriter to see if I can get an extra £6000 on the mortgage over the offer they could give me over the phone so I can get the property without making it too tight financially for me-does anyone have any experience of this-do the underwriters ever lend more? The estate agent didnt seem to think they would he said he has had this happen before and the bank have messed people around. If anyone has any experience with this what are the odds on the underwriters accepting the extra £6000 on my mortgage given my good credit history?

herbiesjp · 13 January 2010 at 5:14PM

a1pacino wrote: »

I have just spoken to the estate agent who said that the mortgage broker is going to the FSA about the bank offering me a better deal directly than when I was offered one with the same bank through the broker, he said that they shouldnt have done that -?

What a load of rubbish!

That is the nature of the market - and he knows that as well as anybody.

The FSA will do nothing.

Going by what he has told you here I would not believe a word he says!

The sooner you get shot of these sharks the better for you and anyone else who might have the misfortune to deal with them.

a1pacino · 13 January 2010 at 5:23PM

Thats a relief- I am just keeping my fingers crossed now that the underwriters agree to put the extra £6000 on the mortgage then I can move in and put all this behind me- thanks for all the excellent advice and help guys it is much appreciated

happybroker · 13 January 2010 at 7:31PM

a1pacino wrote: »

Thats a relief- I am just keeping my fingers crossed now that the underwriters agree to put the extra £6000 on the mortgage then I can move in and put all this behind me- thanks for all the excellent advice and help guys it is much appreciated

these people still need reporting or at the very least naming on here, neither people in need of a mortgage or the industry itself should have to deal with this sort of rubbish.

a1pacino · 13 January 2010 at 7:47PM

I totally agree this kind of bad practice needs to stop, I will be speaking with the FSA within 72 hours their advisors are going to call me back, when I do I will update the thread with any news

VIGILANT22 · 13 January 2010 at 7:49PM

with the fsa don't hold your breath...as for advisors in the fsa?...that has to be a joke....maybe a customer service advisor!

haras_nosirrah · 13 January 2010 at 8:55PM

If it is a repossession they cannot legally take it off the market to you. It will continue to be actively marketed until you exchange contracts so make sure you keep the pressure up. The reason for this is that the lender has to prove that they are getting the best price for the property to get the best price for the previous owner that they can. If they are telling you that it is off the market to you then I don't think that is true and you must be aware that someone can come along and take it from you still - complaint or no complaint.

dunstonh · 13 January 2010 at 9:40PM

The FSA dont handle consumer complaints. They will however note your complaint and forward it to the complaints department for the broker in question. Hopefully he is with a network and not directly authorised as it will be taken more seriously if it is.