Dodgy Broker??

cyrustom

I'm currently in the process of buying a property,i am a first time buyer and have a few concerns regarding my mortgage. My situation is this :

I put an offer in on a property for £153000 before Christmas which was accepted. I then went to a broker who recommended a mortgage with Platform Homes. He gave me the key illustration and then said he would need proof of deposit (£45900) and my SA302's (im self employed). A few weeks passed with him asking every other day for more information, with him promsing each day a decision will be made in 48hours only to ask for more information a day later. Another week passed and He then said "all is fine and a survey is being instructed for tomorrow"...so i phoned the estated agents who didnt know anything of a survey! The estate agents phoned him a he said "i will phone surveyors"...they havent heard from him since (Neither have i). Fed up i applied for a mortgage through Woolwich who i had a pre approved limit with signed the papers and sent them off.

Now i receive a call from estate agents who say Survey is being instructed but for the original ABBEY mortgage! Still not heard from Broker. Now i dont know which mortgage to choose if i get an offer :

Woolwich : lifetime tracker 2.49% over barclays bas rate = 2.99% , No Fee, £325 survey and £150 if i decided not to accept offer. Cost for comparison 3

Abbey: 2 years tracker 2.09% over bank england base rate = 2.59%, £995 fee, No survey fee + £250 cash back. Cost for comparison 4.1%

Which seems better. My only concern with the Abbey mortgage is i dont know how the broker managed to get this mortgage for me. Im self employed and my profit for last 2 years has been about 21k..i went on the ABBEY website and entered my details and was only eligibile for 73k. Im worried he may have submitted fraudulent information on my behalf.

Any ideas people ( sorry for the long boring story)?????

wodgerdodger

On the figures quoted I think your concerns could be justified and may be more problems down the line.

On straight product comparison, without doing too much maths, my preference would be the wolowich offer. My thoughts being it's for the term so you would not be looking at and increase to Abbeys SVR in 2 years nor forking out more money in 2 years for another product, the fees are lower and possibly most imprtantly it's pre approved being your Bankers so hopefully there will ne no hiccups as the application progresses.

_Andy_

Ring Abbey and ask what information was entered.

happybroker

Certainly find out what was put to the Abbey as it does sound a lot. Re the service issue, the underwriters at Abbey will move the goal posts on an almost daily basis so what happened re obtaining more information all the time doesn't surprise me in the least frankly.

I have heard of one broker who asking his clients to sign declaration to say they have had it explained to them that an application to Abbey will be an administrative nightmare before he will recommend the products.....amazing.

cyrustom

tried phoning Abbey (santander) and they cant access it because they say its on a different system for brokers. i havent signed any abbey paperwork..i take it this broker cant go ahead with anything without my say so or signature? He doesnt return my calls and has stressed me out.

TMSL

I would continue to try and contact him if you have no joy I would contact the FSA as it does sound very dodgy, I for one will be pleased when these brokers are all gone as they can give the rest of us a bad name

cyrustom

Still no response from the broker and the survey is going ahead today...im defo gonna go with the woolwich..but i am concerned about this broker - too ilusive...surely he couldnt go ahead with the mortgage without my say so..im not putting anything past him

TMSL

Have a look on your initial disclosure document that he should have presented you with, it should say which company he works under or if he is direct regulated by the fsa.

cyrustom

the firms name is mortgage advice bureau...i bell them.

Conrad

He's broken FSA rules. You should inform the FSA he's submitted an application without you having seen a copy of the details he's entered on your behalf.

I bet he's excgerated your income. Others will be caught out by this guy, so do the right thing and dobb him in.

cyrustom

Conrad wrote: »

He's broken FSA rules. You should inform the FSA he's submitted an application without you having seen a copy of the details he's entered on your behalf.

I bet he's excgerated your income. Others will be caught out by this guy, so do the right thing and dobb him in.

Yeah...the estate agent told me they've had problems with him before..gonna defo Grass him up. Proper shady blanking my calls!!

Woolwich are doing the survey 2mo now, i had to pay £325..i take it the underwriters are happy with the info so far or they wouldnt have instructed a survey? I've got Pre Approved limit of 110k and want to borrow 107k..deposit = 45k.

Thanks