Mortgage audit centre (????)

Gwnapper

Need some help here. Has anyone heard of the Mortgage Audit Centre? Just had a long conversation with them about being able claim money from being mis-sold a mortgage (ie not getting the best offer). Said i can potentially claim back £17000 but have to pay a fee of £149 & get charged 25%. Anyone else done this or has experienced this before i pay out. Thanks.

societys_child

So you pay them £149 and they reclaim 17k for you.

Sounds too good to be true! . . . oh hang a minute . . .

It's a scam, think about it . . .

edit: Not getting the best offer is not a reason for complaint.

dunstonh

Just had a long conversation with them about being able claim money from being mis-sold a mortgage (ie not getting the best offer).

Its a scam.

Most mortgage advisers are tied to one or a small panel of lenders. They are only required to lend from their panel. Independent and whole of market mortgage advisers have more available but even they can work on a panel basis. Indeed, at this time, most brokers/advisers cannot get the best offer available on the market but as said, that has never been a requirement.

Said i can potentially claim back £17000

Amazing how they come up with these figure without seeing any paperwork. Still, it needs to be high to appeal to your greed.

but have to pay a fee of £149 & get charged 25%.

And there it is. The £149 plus VAT. That is where they make their money. Put in a fake complaint that is destined for failure. Create unnecessary admin and anxiety for the individual concerned and walk off with £149 for about 3 minutes admin work and a phone call. Get around 10 a day and you can see how its easy money.

The FOS have commented on the increase in these dodgy mortgage complaints and said there is only really one area they have issues with and that is where people were recommended sub prime when prime would have been available.

_Andy_

Gwnapper wrote: »

Need some help here. Has anyone heard of the Mortgage Audit Centre? Just had a long conversation with them about being able claim money from being mis-sold a mortgage (ie not getting the best offer). Said i can potentially claim back £17000 but have to pay a fee of £149 & get charged 25%. Anyone else done this or has experienced this before i pay out. Thanks.

LOLOLOLL cmon seriously? some random cold calls you and you fall for that? jeez

The_Investigator

To clarify a number of misinformed statements on here.

All mortgage advisers are required both by regulation and under statue to provide "best advice" regardless of their status i.e. tied or whole of market. If any professional operating in the course of their business fails in this regard then it provides a right of claim under Section 150 of F.S.M.A Act amongst others.

I would suggest speaking with the firm to clarify what the fees covers. A D.S.A.R. fee is £10 and allows for a complete copy of the file held against you.

In essence, to pursue a mortgage audit, ideally the firm will need to obtain a copy of the mortgage application form, any offer letters including advice (if it was an advised sale), statement history, a copy of the underwriting sheets by the lender. In addition, you should obtain a copy of the property valuation report provided by the surveyor.

If the sale was advised, you should have received a print out at the time which detailed what products were available to you and why the recommended product was the most suitable product based on your individual circumstances. This information is commercially available and costs about £25 per search and allows you to identify all products that were available to you form the market at that time.

To allow a complete audit to identify all the potential areas, the firm should require you to complete a questionnaire which will identify you true circumstances at the point of sale and cross reference this to what was recorded on the application form etc.

I know from experience, that mortgage audits take a significant amount of time if there are done correctly.

It is interesting that you were quoted a potential windfall figure of £17,000 as this was the compensation that I received for one of my clients. It appears that some firms have obtained copies of the offer in that case and are using it to obtain business. I would suggest that the average compensation that can be obtained in more like £5,000 but as others have highlighted on here, this is very dependent on your individual circumstances at the time.

I hope the above information will assist you and others who review this thread.

dunstonh

All mortgage advisers are required both by regulation and under statue to provide "best advice" regardless of their status i.e. tied or whole of market. If any professional operating in the course of their business fails in this regard then it provides a right of claim under Section 150 of F.S.M.A Act amongst others.

That is twisting what has been said and is effectively wrong. Mortgage advisers have to give best advice WITHIN THEIR REMIT. A tied mortgage adviser may only have one lender. That is all they can recommend. They cannot recommend the better priced product from a different lender.

If the sale was advised, you should have received a print out at the time which detailed what products were available to you and why the recommended product was the most suitable product based on your individual circumstances. This information is commercially available and costs about £25 per search and allows you to identify all products that were available to you form the market at that time.

Wrong. There is no such requirement to tell people what products are available. The requirement is to say why the chosen product/provider was recommended and what made it suitable.

t is interesting that you were quoted a potential windfall figure of £17,000

A figure of that size would indicate something along the lines of sub prime being recommended instead of prime.

If the complaint is something like Nationwide being recommended instead of HSBC then that would fail.

societys_child

The Investigator
Biography: Regulatory Claims Subject Matter Expert

:rotfl:

davidun

yes! they were phoning me on a daily bases.
NEXT big thing is miss-sold mortgages.They only want your money

Marion3478

I too have had this same phone call from a mortgage audit centre linked with we claim you gain. I'm confused is it a scam or not?

dunstonh

Marion3478 wrote: »

I too have had this same phone call from a mortgage audit centre linked with we claim you gain. I'm confused is it a scam or not?

What magic figures plucked out of thin air were they telling you?
What reasons for complaint did they say you had (despite not having any of your records)?

JY19819

I have also had a number of calls from The Mortgage Audit Centre asking for £149 . The bloke I spoke to said his name was Lee Coleman and he gave me his phone number which is 01792 518217. He said that they had been on a BBC television programme to explain the company and it`s T&Cs but I never asked him what programme it was. He claimed he could get me about 7 - 12000 pounds back due to the fact that the company that arranged my mortgage has been identified as mis-selling mortgages by means of inflated interest rates which at the time were around 5-6 percent. He was very convincing and probably, if I had of had the £149, I would have taken him up on his offer. He also said that after the mortgage had been audited and they thought there was no chance of a claim, that the £149 would be refunded. After reading the letters in this forum, I am now wondering if it would be worthwhile following up his offer as I did tell him that if I could get the money together, I would phone him back to start the ball rolling. I have also tried googling the company and did not get much info from that. I think I will be holding on to my money now, even if I am able to get it together. I need to look into this further before spending my hard earned.