Information please

jbenito

Hello,

Recently used the mortgage adive bureau to get a mortgage which is fine however unfortunately we have now found out that there were more condition on the process then we were lead to believe.

They asked you to sign a fee agreement, we thought this was ok as they claim a fee from the mortgage provider.

We have now found out that there are also insurances applied to this as well. If we cancel the insurances we have to pay 1% of the mortgage fee as a charge.

Me and my wife feel that this was not explained properly or made clear and we were not given a copy of the agreemeant to look over after signing.

Does anyone think we might have a case for complaining? Is there meant to be a cooling off period with such things? One of the insurances all so has a four year claw back attached to it which was never explained and feel totally unfair.

We feel really mislead about this and as they never provided any t&c's were not sure where we currently stand.

Any help would be great.

handytips

Who recommended MAB to you ? If you signed a fee agreement, then that will be for a broker fee and not the procuration fee that the company earns from the mortgage provider, check your KFI, you do not have to take insurance and you may or may not have had to sign declarations for the life insurance sold, the clawback can be of varying amounts, however i would need to know the monthly premium of the life insurance to give you some idea, many advisors protect themselves with the clawback clause, as if you want life insurance and then cancel it i feel it only right that you pay the clawback, however if you didnt want the insurance in the first place then that is another story, also you will have answered a medical questionaire. It seems to me, and please do not be offended, that you just went along with everything they told you just to get your mortgage. What you have described is basically dirty practice however i would hate to comment on something that i am unable to see myself, check your mortgage offer and Kfi section 8 to see if there was a brokerage fee, this will also be laid out in the suitability letters. As for complaining recontact MAB and tell them of your concerns and ask to speak to one of their compliance officers, i bet they back down on the insurances.