help with broker

arty786

Hello everyone, I'm a newbie on this site first time threading but have always turned to this forum for help and advice think everyone on here us great.

OK now my reason for starting a new thread and I apologise if the answer to my problem is already here. I've been looking to get onto the property market and approached a mortgage broker who a few years back helped my cousin get his mortgage. I went to a broker so he could scower the market and get me a good rate. Now on our first meeting I provided him with all the paperwork needed bank statements payslips etc etc. This was back in September 2012 my cousin was also present at this meeting, nothing was really explained except that he would help me get a mortgage nothing was signed and no paperwork was given to me I believe they have to give you some paperwork as part of the FSA rules. On top of that I gave him a fee of £250 and the details of the property I wanted. A week later he said the lender would request a 40% deposit and put this down to my poor credit history. I provided the broker with my credit report but nothing was resolved and no alternative was given and as i couldn't afford a 40% deposit i therefore didn't continue.

I never got my money back, I have spoken to the broker since and have been fobbed of many a time with "it costs us to use such and such system," but it was my hard earnt money and I really feel I've been duped. To be honest if I knew the money was non refundable I would have thought twice but nothing was explained no t&c provided

Please help am I entitled to my money back and if so what route should I take

Thanks

R_P_W

So you handed him £250 with no agreement of what service he was going to provide and no paperwork?

arty786

Yeah stupid wish I had researched before hand but because my cousin spoke so highly of him and had sorted my cousin out I just handed him the cash, but because no service was provided am I entitled to my money back or can he keep it based on him claiming he incurred some costs??????

ACG

We HAVE to be provide the client (you) with an IDD (Initial Disclosure Document) - there are no 2 ways about it.

He would have spent time doing the research, but if he doesnt have an agreement to say what is chargeable and when, he doesnt have a leg to stand on. It does cost money for the software we use, but it doesnt cost each time we use it so im not sure how he can warrant £250 to say you need a 40% deposit! He should have an idea of what is needed before he does any research.

Put in an email that you have read he is supposed to provide you with the above document and that hasnt been done, if he doesnt reply saying he did - then thats all the proof you need in my opinion to take him to court.

He wont want a complaint on his file - especially not for the sake of £250.

Oh and your credit history would have to be shocking (bankruptcy 12 months ago) to have to put down a 40% deposit!

Sounds like a cowboy! Is he an appointed representative of a network? This would be on the IDD document, but if not is it on his website or email? Speak to them, if you cant find the answer then write him an email (after the one about the IDD, asking him what the complaints procedure is, as your going to the Financial Ombudsman).

arty786

Thank you.