FTB: Bank or IFA - Bank lied about incentives - Tied in!!!!

opinions4u

silence12 wrote: »

Hi yes, I am looking at the facts sheet which was given to me by the bank. In actual fact, this was given to me when I applied for the mortgage in principle

It is absolutely vital that you refer to the document given to you at the time you applied for the mortgage on a specific property. Not a piece of paper given to you when you made the original enquiry.

, but they did not stated anything about the Product Fee...., which is what I researched on the net, only to find out that it was £1495.

It is pretty basic stuff for an adviser to go through all the ins and outs. Regardless as to whether you choose to proceed with this bank, you should arrange a meeting with the adviser's supervisor and explain what your concerns are. That way other customers aren't given such a poor service in future. You should also pursue a level of compensation for time wasted. £10 an hour is not an unreasonable request.

Maybe I got it wrong. But its written down here...hmmm, it says "fee for our services...£149.

Again, you don't make it clear what this is. In part I would challenge you to be more demanding of whoever arranges your mortgage in getting explanations for these costs.

My guess is that £149 relates to the lender's legal costs that are payable by you.

Over the years I have arranged a huge number of mortgages for customers. I was always careful enough to highlight every mortgage related cost but also went through every homebuying related cost too. I felt that I had a duty to my customers to ensure that they knew the full financial picture before committing 25 years to something!

Despite this diligence, there were occasions where customers came back saying that they hadn't been told something by me when I knew full well they had.

There is a lot of information to take in during the homebuying process and it is particularly difficult for some first time buyers to remember everything they are told.

That said, a £1,495 fee is pretty relevant and would clearly be something that 99% of customer would remember! It sounds like you have an inexperienced mortgage adviser on your hands, hence the need to ensure their supervisor is aware of their shortcomings.

Good luck with whichever mortgage you end up with!

Trollfever

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Senior_Paper_Monitor

Silence12, please see my comment in your other thread ....

https://forums.moneysavingexpert.com/discussion/2597359

... you are digging yourself a hole (1st lesson - banks - generally - don't advise .... you need advice!)