Mortgage Broker gone AWOL

shoe_lover

I'm looking for some advice as a first time buyer please. We had an offer accepted on a house nearly 3 months ago and as I know nothing about mortgages I decided to go for a broker. I ended up choosing someone who was recommended by an estate agent (we are not using that estate agent for buying) beacuse I got a good feel about him and he seemed to know what he was talking about. Everything was going great until 2 weeks ago, he stopped replying to my emails, phone calls and texts. I contacted the mortgage provider myself and they told me that the mortgage was declined at the final stages because of broker manipulation and that they had infomed the broker of this 10 days ago. I was completly devastated. We are due to move on the 30th May so time is really tight.

My questions are:
1) What are the chances of another lender agreeing to a mortage I decided to go with Halifax and have got myself another broker which has been recommended by a friend
2) What can I do about the first broker - who can I report him to?

Many thanks.

Thrugelmir

shoe_lover wrote: »

2) What can I do about the first broker - who can I report him to?

Suspect that this has already been done and why your broker is now AWOL.

shoe_lover

Sorry if I seem a bit stupid here but who would have reported him and where to?

Thanks

Thrugelmir

shoe_lover wrote: »

Sorry if I seem a bit stupid here but who would have reported him and where to?

Thanks

The lender and the FSA.

I contacted the mortgage provider myself and they told me that the mortgage was declined at the final stages because of broker manipulation

One assumes not the only case either.

FraudBuster

If the application came from an intermediary, other applications made by the same firm are also verified for inconsistencies or patterns. Intermediaries found to be committing or countenancing fraud could be both struck off that lender's panel of intermediaries and reported to the FSA or other authorities.

http://www.cml.org.uk/cml/policy/issues/3658#b

CBR600F_2

In what ways would it be possible for a broker to manipulate things? What would they stand to gain?

Thrugelmir

CBR600F wrote: »

In what ways would it be possible for a broker to manipulate things? What would they stand to gain?

Tamper with application. Earn commission.

Times are tough. As transaction volumes fall.

shoe_lover

I think the guy was a bit naive and thought he was doing me a favour by changing things on the income and expenditure form (I stupidly signed a blank form). There was also a couple of things that he left out of the application. My new broker has said there was no need to do these things because my true income and expenditure are ok and the things he left out wouldn't have affected the application if he had been honest from the start like my husband wasn't being named on the application because he has a bad credit rating so the mortgage was going in my name only. But because the broker didn't mention him, it looked like we were trying to cover something.

Thanks for all your help

GMS

shoe_lover wrote: »

I think the guy was a bit naive and thought he was doing me a favour by changing things on the income and expenditure form (I stupidly signed a blank form). There was also a couple of things that he left out of the application. My new broker has said there was no need to do these things because my true income and expenditure are ok and the things he left out wouldn't have affected the application if he had been honest from the start like my husband wasn't being named on the application because he has a bad credit rating so the mortgage was going in my name only. But because the broker didn't mention him, it looked like we were trying to cover something.

Thanks for all your help

Your new broker says no need to miss them out but you have already signed an application elsewhere with the manipulated information.

Broker no the only one being naive here.

You may well also be listed on any monitoring system for non disclosure. Signing a blank form makes you complicit

opinions4u

I stupidly signed a blank form

while not wishing to worry you too much, there is a possibility that you will now have a CIFAS record highlighting you as being involved in an iffy application. If so, it will be shared with other lenders.

shoe_lover

opinions4u wrote: »

while not wishing to worry you too much, there is a possibility that you will now have a CIFAS record highlighting you as being involved in an iffy application. If so, it will be shared with other lenders.

That's what i'm really worried about. I was so stupid to trust the guy, really annoyed at myself for being such an idiot. I'll just have to wait and see what the new lender says and then take it from there.
Thanks for all the advice