Mortgage advisor issues

purple-rain_3

My parents have been trying to get a mortgage but because of their age and a few missed payments they are really struggling.

They sold their old house and moved into rented whilst they looked for a new place. When they sold their house the mortgage advisor told them he had found a mortgage and they had been accepted for it. They were constantly reassured they would have no trouble getting a mortgage when they were ready to buy a new place.

Now this doesn't seem to be the case and - what's more - the mortgage advisor took £750 from them and is telling them this is non-refundable - is this correct?!

I can't believe how the mortgage advisor seems to have been abusing his position and taking advantage of more vulnerable old people. Thanks.

Senior_Paper_Monitor

It really doesn't sound good (either the basis of advice/comment or the amount charged and the stage it was charged at) but at the end of the day it will all depend on what his/her IDD (Initial Disclosure Agreement) said about the basis of his/her fees and any comment/advice given in writing and any other documents issued.

Caroline73_2

Why are your parents vulnerable? Old doesn't mean vulnerable.

Shouldnt you get power of attorney if they can't manage their affairs?

purple-rain_3

Caroline73 wrote: »

Why are your parents vulnerable? Old doesn't mean vulnerable.

Shouldnt you get power of attorney if they can't manage their affairs?

Thanks for your help and advice; appreciate you wasting both my time and yours with that lousy comment. It's none of your business - go away.

Yorkie1

Erm, you said they were old and vulnerable. You effectively said that they had been taken advantage of and asked what could be done about it. One suggestion is that, if they are not capable of preventing others taking advantage of them because they are vulnerable, a power of attorney might be appropriate.

There is absolutely no need for you to be offensive. You chose to post on a public forum. That makes it other members' business if they choose to offer advice in response.

Thrugelmir

How old are your parents?

_Andy_

purple-rain wrote: »

Thanks for your help and advice; appreciate you wasting both my time and yours with that lousy comment. It's none of your business - go away.

How charming.

opinions4u

purple-rain wrote: »

Thanks for your help and advice; appreciate you wasting both my time and yours with that lousy comment. It's none of your business - go away.

The comment in completely relevant though.

Your parents have used a mortgage adviser. The mortgage adviser has charged a fee for their time. On the face of it, there's nothing wrong with that arrangement (even if no mortgage has been secured).

To me, the amount seems steep. But your post gives no indication of what's gone in to trying to find a mortgage for them, so it possibly reflects that.

You make a fairly significant allegation against the mortgage adviser.

the mortgage advisor seems to have been abusing his position and taking advantage of more vulnerable old people.

Undersatanding in what way they are vulnerable will help with the responses you get here.

I understand that this may be a stressful time for you and your parents. But your response to a perfectly reasonable post was out of line.

dunstonh

Thanks for your help and advice; appreciate you wasting both my time and yours with that lousy comment. It's none of your business - go away.

Caroline is correct and your response is wrong.

You described your parents as vulnerable. So, if they are vulnerable, you should consider going for a power of attorney, if you have not already done so. There are also FSA guidelines in place for dealing with the vulnerable. So, if they are mentally incapable of understanding what they are doing as you suggest they are then it is important that we know.

However, if you are just equating age to vulnerability then you are incorrectly stating the position. Age vulnerability is generally considered to be around 80 onwards. it would be very unusual for an 80+ year old to want to get a residential mortgage. Is that the case here?

SouthCoast

From CAB

Managing affairs for someone else


http://www.adviceguide.org.uk/index/your_family/family_index_ew/managing_affairs_for_someone_else.htm