Problem with mortgage application and financial advisor

holbob

I have a query relating to a mortgage application I have made and the way my partner and I have been treated regarding our financial advisor. On Tuesday this week we discovered our financial advisor has left the company with immediate effect. I only spoke to him last Wednesday where he gave me an update on the application. The application itself has been stuck on the same stage for 2 weeks. On finding this we rang the estate agent branch where the financial advisor is located to get information, what we should do now. This estate agent branch is not the estate agent for the vendors, we selected this FA as we got on with him in an interview. The estate agent were very uninterested promising us a phone number to call. This never came and after several call backs (there is nothing more we can do for you being their reply) here now on Friday we still have no replacement FA. This means that the lender will not deal with us as the FA set up the mortgage for us and has the reference number. Without this the lender will not deal with us, despite the mortgage being for us. I have contacted the head office of the FA who just refered us back to the estate agent where the FA is located - who again were no help whatsoever.

Due to all of the above we have now decided to withdraw our offer on the property, despite all the fees to solicitor, FA and lender we have already paid out. Cancelling the offer with the vendor's estate agent is done. But I cannot cancel the mortgage application as the lender will not deal with me. I have received text messages today from the lender informing me the survey date has been set. This is obviously very frustrating, and I think we have received bad service from the lender, the FA's head office and the estate agent where the FA is located. We appear to be stuck in some kind of limbo.

ACG

I might be wrong but cant you write a letter of authority to a new financial advisor to have your app transferred over to them?

That might be only upto a certain stage such as AIP.

Have a look at your paperwork, who has actually done the mortgage - it would usually say such and such an appointed representative of ......... - once you find out this name you could maybe speak to that network and see if they can help.

kingstreet

You need to speak to the compliance department of the firm the adviser worked for before he left.

Have a look on the Initial Disclosure Document (you should have been given) at the outset. Section 6 deals with how the adviser is regulated.