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Broker's arrangement fee??
qwertyqwerty
Posts: 150
Forumite
Hi I recently visited a mortgage talk broker, in order to
arrange a mortgage for myself. With the criteria I was given a deal i was happy with, so i went ahead with
this, and so signed all the forms, and paid the brokers arrangement fee.
A week later I
am told the mortgage had been turned over an affordability issue, I was
told by the provider at the time that affordability wouldn't be an issue and the
application should be processed.
With it being turned down, I decided to find my own mortgage, as the
alternatives offered to me by the provider I wasn't really keen on. I managed
to arrange my own mortgage, which was more or less identical
to the one that the broker said she could get me.
As i arranged my own mortgage, was let down by the broker, which just caused me unnecessary delay in purchasing the house I wanted, I questioned what the £99
arrangement fee i paid was for. I was charged an arrangement fee for
something which didn't get arranged. I contacted the manager of the broker and was told, the fee would not be refunded, as the
agreement I signed stated the fee would be charged, even if the mortgage didn't proceed.
I tried to question where my £99 fee had gone, I didn't get a mortgage, I
was caused delay, and I had to pay £99 for the privilege. It's called an
arrangement fee, yet nothing was arranged. I queried why they called it this, and i was told that FSA had stated that they needed to call it an arrnagement fee, and was abrublty told m money would not be returned to me. I am trying to find out my rights if any, of getting my money back, so if anyone can help?
Many Thanks,
arrange a mortgage for myself. With the criteria I was given a deal i was happy with, so i went ahead with
this, and so signed all the forms, and paid the brokers arrangement fee.
A week later I
am told the mortgage had been turned over an affordability issue, I was
told by the provider at the time that affordability wouldn't be an issue and the
application should be processed.
With it being turned down, I decided to find my own mortgage, as the
alternatives offered to me by the provider I wasn't really keen on. I managed
to arrange my own mortgage, which was more or less identical
to the one that the broker said she could get me.
As i arranged my own mortgage, was let down by the broker, which just caused me unnecessary delay in purchasing the house I wanted, I questioned what the £99
arrangement fee i paid was for. I was charged an arrangement fee for
something which didn't get arranged. I contacted the manager of the broker and was told, the fee would not be refunded, as the
agreement I signed stated the fee would be charged, even if the mortgage didn't proceed.
I tried to question where my £99 fee had gone, I didn't get a mortgage, I
was caused delay, and I had to pay £99 for the privilege. It's called an
arrangement fee, yet nothing was arranged. I queried why they called it this, and i was told that FSA had stated that they needed to call it an arrnagement fee, and was abrublty told m money would not be returned to me. I am trying to find out my rights if any, of getting my money back, so if anyone can help?
Many Thanks,
0
Comments
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I am trying to find out my rights if any, of getting my money back, so if anyone can help?
Look at the key facts document the adviser issued you. It will state the refund terms if the mortgage does not proceed. Typically these will allow for a small retention (of which £99 would class as). However, it is what is written that that determines your rights.
The document should also state what the £99 was for.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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