Advised mortgage application - lost fees and costs

Conrad

Another dimbo broker strikes again. People need to be more discerning in chosing thier brokers.
This case is easy to fix anyway, yet it seems the broker has simply given up.

The_J

As has been said, it depends on whether you told the advisor that it was a gifted deposit. Short of them recording the call this might be hard.

Lots of people "forget" to mention that some of their deposit is gifted...

Wh05apk

The_J wrote: »

Lots of people "forget" to mention that some of their deposit is gifted...

They may forget, but an advisor should be asking where it is from not only to avoid issues like this, but also to cover the money laundering angle.

Like I said previously complain to the network or company.

dwsjarcmcd

The_J wrote: »

As has been said, it depends on whether you told the advisor that it was a gifted deposit. Short of them recording the call this might be hard.

Lots of people "forget" to mention that some of their deposit is gifted...

The OP has stated, and repeated that they told the Adviser it was a gifted deposit. Maybe difficult to prove but it is clear from the thread s/he was told.

Financewiz

Thanks for all the responses.... I did tell the broker clearly on the initial calls, it certainly wasn't forgetten (conveniently or not - as I didn't know this would be an issue!)

As regards "proof" of us telling the broker... it was declared on the application form, in black and white.

The application form was sent to the broker way ahead of it being sent to the Building Society. The fact that the Building Society also ignored this blatant declaration says a lot about the Leeds too.


Anyway, two days past with no response or contact to my direct question. I will give them till the end of the week.

The_J

Wh05apk wrote: »

They may forget, but an advisor should be asking where it is from not only to avoid issues like this, but also to cover the money laundering angle.

Like I said previously complain to the network or company.

Yes, I mean people forget to mention it at that point deeming it to be "their" money. A lazy advisor may not probe.

I did read the thread, and the OPs assertions, but they are making it out to be something they specifically mentioned without knowing it would be a problem. Seems like a bit of analysis by hindsight is going on.

As I said, they will probably have call recording, ask for the transcript of the call (as is your right). If you said it then they are bang to rights.

ACG

Im not sure if this is the case with it being a buy to let but complaints have to be acknowledged within 5 working days. They then have to be resolved within 4 weeks, if not they have to send a letter to you advising that they need another 4 weeks.

Even if they dont have to stick to that timescale it would be good practice to... but it would also be good practice to do a proper job.

You should have been given an IDD document, does it say what to do if you have a complaint? It might say to contact another if they are an appointed representative of another company.

Financewiz

The_J wrote: »

but they are making it out to be something they specifically mentioned without knowing it would be a problem. Seems like a bit of analysis by hindsight is going on.

Do you mean by us or the broker? You've implied twice we've somehow "forgotten" it conveniently or somehow glossed over it. We obviously didn't which is the main reason we're both so annoyed by the situation we are in.

We specifically mentioned it because I (with my wife listening, she's a reliable witness from her professional standing, I promise..) said we could get a larger deposit to reach 70%, with help from our family!

As it happens, I've just received an email to say they have spoken to the Leeds who will refund the valuation cost but not the application fee itself. Result - or at least its a step in the right direction, I guess it would be hard for the Leeds to argue they should have proceeded with it on that product when the gifted deposit was stated on the application form.

Still need the application fee back, although its a smaller amount of cash. I'm sure the Leeds won't be offering that up...

ACG

The leeds didnt make the application, so its not their mistake.
However the fact they have acknowledged they messed up charging the val fee is going in your favour.

I would be confident you will get this money back.

Financewiz

Cheers, I agree - its obviously not the fault of the Leeds that we submitted an application to them for a product that we would never have been eligible for.

Thanks for the advice so far.