Wrong Info From broker

devil1916

Hi All

I contacted a well known broker to arrange my mortgage on a right to buy purchase. I explained the siuation that i didnt wish to pay any deposit and as i am getting a 20% discount i was looking for a lender who would lend the full 80% LTV that i needed.

The broker found me a deal which seemed acceptable so i paid £199 booking fee to the Leeds only to be told several weeks down the line that leeds changed there criteria several months previously and i need to pay 10% deposit and that the brokers info was out of date.

I contacted the broker who was apologetic and said he would speak to Leeds about getting a refund for what is essentialy his mistake. My query is if Leeds dont refund me am i likely to get anything back from the Broker

dunstonh

My query is if Leeds dont refund me am i likely to get anything back from the Broker

Yes. The broker is responsible for the advice they give and their research. The research supplier is not responsible to you (although they may well be to the broker but thats between the broker and them).

kingstreet

The January 2011 Leeds lending criteria says;-

The discounted purchase price will be the maximum loan. Right to buy lending is restricted to a maximum of 90%, of the discounted purchase price (a minimum deposit of 10% is required)

So I can't see the broker making much of a fuss.

magpiecottage

If that means you cannot go ahead and have incurred other costs then you would be able to reclaim them too.

However, if he manages to find another deal that meets your needs then it would be limited to costs that would not otherwise have been incurred.

devil1916

Thanks for the info, i got an email back saying the £199 would be refunded and i have decided to go elsewhere for my mortgage as i found a better deal with the HSBC than the new deal they found.