Mortgage Fee Rip Off

VIGILANT22

magpiecottage wrote: »

You should have been given a document entitled "Key Facts About Our Services" when you met the adviser. That will tell you whether the fee is refundable or not.

I think we've all said that in a way ...think the OP may have gone looking for the adviser/1k....:)

Fabstock_2

Hi, thank you all for your replies. The KFI did in fact state that fees were non-refundable and I accept that in principle. My problem is that I cancelled before the mortgage was offered and also that my 'adviser' did not remind me of this when I informed him of my intention to change lenders. I was hoping that the lended would see me as a potential future customer and want to keep me onside by offering some compromise but it seems that they only care about the money and not in fact about customers. They have lost me as a potential customer for life now and as soon as I close up all loose ends regarding this application, I will be publishing the name of the lender so others may be aware of the potential problems.

I will also look at my options regarding the 'adviser' who failed to advise me that I would be loosing my £1k if I switched. I have been told that I may be able to get some compensation from his company as he failed to warn me appropriately... Any views on this angle of things would be welcomed.

dunstonh

My problem is that I cancelled before the mortgage was offered

But after the application was submitted. Thats the point of transaction as far as fees are concerned (well in theory you could get a couple of days grace if the lender hasnt started work on it yet).

also that my 'adviser' did not remind me of this when I informed him of my intention to change lenders.

You were not using him for the second mortgage though.

I was hoping that the lended would see me as a potential future customer and want to keep me onside by offering some compromise but it seems that they only care about the money and not in fact about customers.

Who would have though that a business was interested in making a profit and not a loss.

They have lost me as a potential customer for life now and as soon as I close up all loose ends regarding this application, I will be publishing the name of the lender so others may be aware of the potential problems.

Wont make the slightest jot of difference to them.

I will also look at my options regarding the 'adviser' who failed to advise me that I would be loosing my £1k if I switched. I have been told that I may be able to get some compensation from his company as he failed to warn me appropriately... Any views on this angle of things would be welcomed.

If his initial documentation showed the fee as a non-refundable charge then he has covered himself there. When you applied for the second mortgage, one assumes you mentioned the first application? If so, did the branch based clerk warn you about potential fees that you may get from pulling out?

Basically, you have accepted the advice then changed your mind well into the process by overidding the adviser. In the adviser's shoes I would expect him to say that the fees were disclosed in the KFI and discussed and as he had no details on the direct deal he was not able to compare terms and you did not ask him to.

I dont know how any complaint would go but I would think that the adviser is safe on this one given it was mentioned in the KFI and that you did not use the adviser for the alternative deal. If the adviser had been used for the alternative deal then that would be a different matter.

hwalkerh

Hi

You need to find out what the fees are for. On my mortgage i had to pay £200 booking fee which was paid up front. Then £800 arrangement fee which they can add to the mortgage so this wasn't until it all went through.

How far through the process had you got, i think that will help be able to judge what fees might be relevant