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Mortgage broker scam?
Comments
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why is it a big issue that I don't have cover...
It wont be unless you die. Your partner/spouse/children will suffer if you do.
Another issue is that just a few months into buying the house at a time interest rates are at all time lows, you are struggling for money. I hope you went fixed rate and have scope within your budget for later increases that WILL come.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 -
At this stage I would not be offering to pay the £263 commission to him (I assume it was about a £11pm policy?) if he did not provide the IDD, and fee agreement, he cannot claim anything back from you.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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why is it a big issue that I don't have cover...
Your use of the plural in your post suggests this is a joint purchase.
What will now happen if you partner were to die tomorrow?
Can you manage this mortgage on your won?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It is a small mortgage compared to others (30k) so I'm quite sure my partner will survive!
Any how I sent an email to him - similar to my draft above but excluding the part where I said I would pay him the £263....he replied stating that he would not be offering his services to me again....so I assume that's the end of the matter!
He must of realised that he did wrong by not providing me with an IDD....
Just hope that's the end of it now...been a stressful couple of days!!0 -
Its very nice of you to pay the £263 - however, why are you agreeing to?
If he has nothing signed by you to say you will pay him any clawed back commission thats his fault.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I would be interested to know who the broker is. The release of person data to the OPs mother is a blatant data protection breach.
A complaint about that would need to be investigated and, if necessary, could be escalated to FOS.
Alternatively a complaint to the Information Commissioner could be made.0 -
What commission would he get on a 30k mortgage? I feel a bit sorry for him. I wouldent bother complaining or taking it any further.0
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About £100.Morgage_Confused wrote: »What commission would he get on a 30k mortgage? I feel a bit sorry for him. I wouldent bother complaining or taking it any further.
If the broker wanted to tie the protection sale to a fee for arranging the mortgage, he should have documented it properly.
Using Scot Prov, the commission would be clawed back if the policy is cancelled in the next four years, so he should have done that as a matter of course.
We all get tarred with the same brush because of stuff like this.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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