Were we mis sold mortgage?

GMS

Moneyidiot wrote: »

The advisor should have issued a revised KFI, but that should also have been provided as part of the revised mortgage offer from the lender.

The advisor says that he did not receive the revised mortgage offer. The lender did not send it on.

Which lender is it?

You need to speak to the conveyancers and see which offer they completed on. The lender will have cancelled any previous offer and will release funds based on the valid one.

If the solicitors have made a mistake with the offers then you need to take it up with them.

dunstonh

We depended on him as a professional, to provide us with correct advice and explain the terms to us. He failed to do so and myself and my family have to pay the price, literally, for his mistakes.

You are not paying the price for the mortgage adviser mistakes. You are paying the price you should have been paying. No more. no less. What you were initially told was the price was based on the valuations you supplied. The admin errors have not changed the pricing.

The fin adv did not provide us with the new offer.

That comes from the lender as well. So, it does seem unrealistic to say that neither the adviser or the lender supplied the revised terms. One thing may go missing but two things?

The solicitor would have gone over the offer letter before you signed it to identify any issues and advised you accordingly.

I'm with Kingstreet on this. No advice fault is here. An admin fault, yes, but not one that has resulted in financial loss from the result of the error.

Moneyidiot

The lender is V*****.
In hind site 16 weeks would have been ambitious to get a build to wind and weather tight considering the offer was made in Dec. Builders take xmas hols and due to heavy snowfall here early in the year they were set back a few weeks. Don't know if we can appeal the 16 weeks on that.
Also, on the original offer it clearly states "roof on", not wind and weather tight as we were told by fin adv. . wind and weather tight took longer as windows have to be installed also.

kingstreet

I'm going back to what I said in post #3. There's no point arguing on here about what did or didn't happen.

It was too early to go to FOS. The process involves complaining to the advice firm first, then escalating to FOS if the resolution doesn't suit you.

You need to write down exactly what happened and what you want the firm to do, to put it right. Only you know what was said and what has happened, no-one else - especially a telephone operator at FOS, can set out as clearly as you, what the issues are.

I hope the matter is resolved to your satisfaction.

GMS

I guessed Virgin.

They email/fax offers directly to all parties so sols would have had latest offer.

Is it not 16 weeks for first stage drawdown?

Not done a self build Virgin so never seen an offer.

What are you hoping to achieve from this?

Moneyidiot

GMS wrote: »

I guessed Virgin.

Is it not 16 weeks for first stage drawdown?


What are you hoping to achieve from this?

It is 16 weeks.

Compensation from fin adv firm for misleading us and not providing us with all the details. Had we known the interest rate would change we would have settled for the change in offer at the lower interest rate albeit £10k lower than we originally were offered.
Also lender did not send revised offer to fin adv. surely they had obligation to do that .

Our crèche fees have gone up leaving things very tight, we won't have saved as much as we would have liked for our childrens education and a third child is out of the question now.

Moneyidiot

The fin adv admitted he made mistakes. Yet he was happy to supply us with a form to make a complaint. Did he do this in the knowledge that he can wriggle out of this by accusing us of not equipping ourselves with all the facts and figures? That was his job as far as we are concerned and it was negligent not to do so.

Moneyidiot

Is it possible that the fin adv withheld the interest rte from us, knowing we wouldn't go ahead with the mortgage and he wouldn't get his fee?

dunstonh

Compensation from fin adv firm for misleading us and not providing us with all the details.

As I said earlier. You would likely be looking at £100-£250 as inconvenience money.

Did he do this in the knowledge that he can wriggle out of this by accusing us of not equipping ourselves with all the facts and figures?

Potentially yes. Especially if you are accusing him of not doing things that he is not required to do (e.g. things that would normally be done by our solicitor or valuer).

That was his job as far as we are concerned and it was negligent not to do so.

Some of it is his job. Not all of it. He is neither a solicitor, a valuer or a builder. His job is to facilitate the mortgage based on the information supplied to him by you or other professionals that you employ. He has no control over the valuation for example. He is responsible for advice within his remit. A lot of what you say is not within his remit.

Also lender did not send revised offer to fin adv. surely they had obligation to do that .

They need you to have it. So, whether it gets to you from them directly or via the adviser doesnt really matter. The fact you got it matters. I am confused though. If you say you didnt get it, then how did you sign it?

Our crèche fees have gone up leaving things very tight, we won't have saved as much as we would have liked for our childrens education and a third child is out of the question now.

I know you are not going to like this but that is not the fault of the adviser. he has no control of the creche fee level. Just as he had no control over the building you chose to build or the values you gave him or the lack of legal advice you chose not to get. Perhaps you shouldnt have entered into a self build if you didnt have the contingency funds available?

Mortgage advisers are almost order takers based on the information you give. i.e. I want to borrow £x over y years to buy/build this property which will be worth £z. Their job is to facilitate a lender that will do that and make you aware of risks in relation to the mortgage (your home is at risk if you do not keep up payments etc). That has happened. Hence why it doesnt appear to be an advice issue.

Is it possible that the fin adv withheld the interest rte from us, knowing we wouldn't go ahead with the mortgage and he wouldn't get his fee?

He cant hide it. it is on the offer letter you signed.

Moneyidiot

The only offer we signed was the original one.

Regarding the 16 week period to complete, if there are circumstances out of our control e.g. Weather, that affects the build rate, could we have made an appeal to lender that builder would not have been able to get to first stage within that period?
Also, the wording on offer was that first stage was 'roof on', not 'wind and weather tight'. Could we argue that the lender changed the terms?