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Independent Mortgage Advisor Troubles
janelle
Posts: 3 Newbie
Hi everyone,
We have a serious problem with an independent mortgage advisor.
We are buying our first home and unfortunately had some problems with our first mortgage advisor (not returning calls, emails or requests, rude staff). Our mortgage application was unsuccessful.
We decided to switch to another advisor, and infomed our ex advisor of this, both verbally and in writing that we could no longer work with them.
We applied for a mortgage with a different bank and things were going smoothly, until we discovered that the ex advisor had applied for a new mortgage with the same bank. We did not authorise or instruct this, indeed this was contrary to our instructions.
The result was two mortgage applications to the same bank, via different advisors. Our legitimate application has now been severely disrupted as the bank investigates the application with it's risk team and we risk losing the purchase altogether.
We are completely distraught. We have submitted a complaint to the first advisor and have heard nothing back.
Is this practice unusual? Has anyone else experiences anything similar? Advise on next steps would be appreciated. Our current advisor thinks they should be investigated by the FSA.
Many thanks
We have a serious problem with an independent mortgage advisor.
We are buying our first home and unfortunately had some problems with our first mortgage advisor (not returning calls, emails or requests, rude staff). Our mortgage application was unsuccessful.
We decided to switch to another advisor, and infomed our ex advisor of this, both verbally and in writing that we could no longer work with them.
We applied for a mortgage with a different bank and things were going smoothly, until we discovered that the ex advisor had applied for a new mortgage with the same bank. We did not authorise or instruct this, indeed this was contrary to our instructions.
The result was two mortgage applications to the same bank, via different advisors. Our legitimate application has now been severely disrupted as the bank investigates the application with it's risk team and we risk losing the purchase altogether.
We are completely distraught. We have submitted a complaint to the first advisor and have heard nothing back.
Is this practice unusual? Has anyone else experiences anything similar? Advise on next steps would be appreciated. Our current advisor thinks they should be investigated by the FSA.
Many thanks
0
Comments
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Doing something against your instructions is not normal.
The old advisor must reply to your complaint within a set time, if you do not hear from him or he is unable to settle the complaint to your satisfaction then take it further.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
can you prove by written instructions or email or text that you gave him instructions to cease working for you.. ?0
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