Broker Queries

carpetbelly

Hi,

I got a mortgage through a broker. It's all completed now as I just wanted it done because it dragged on so long.

Basically, i've gone back to clear up the loose ends. Now, the broker said (and I asked for) legal fees to be added to the mortgage. The mortgage company are adament this wasn't asked for and the brokers are saying that they did. I obviously have had to pay the legal fees out of my own pocket now and not happy about the fact I paid for the brokers service and that I didn't get what I asked for.

For you brokers out there, what can I do about this?

Thanks

JoeK_3

Check the Keyfacts mortgage illustration that you were given to you by the broker, as it should show how all the fees would to be structured. These should have been confirmed on the mortgage offer sent by the lender.

JoeK

homer_j_3

If the legal fees were added on the initial illustration provided but not on the mortgage offer then you need to get your broker to explain why the offer wasn't checked.

It could have been an oversight, it could have been that it wasn't checked but the broker may be able to argue that the lender has not processed correctly and may be able to get them to add the funds to your mortgage and reimburse you the amount (if that is what you now want). If they cannot then I am not sure what can be done at this stage with regards to the legal fees.

As you have paid a broker fee, I wouldn't blame you for asking for this to be refunded in part or full (depending on what the amount was). You are right to say that you paid for a service and that broker did not deliver fully what they promised. You need to put your complaint in writing to the broker and ask for it to be put through their internal complaints procedure. If you are not happy with their response after 8 weeks, you can then take it to the Financial Ombudsman.

Clearly you need to work out what you want first and foremost before you put pen to paper though and why you want it.

carpetbelly

well, the KFI that I was given by the broker did have it on. I'm just moved into the house and still in boxes, so cant get to my one from the mortgage lender at the moment. They say they didnt add it on. So far the brokers are looking at offering me compensation as I kept to my guns and are going to refund an acceptable part of the money they cost me. And no legal fees will be added.

This I dont mind as I'm fine without the fees and it leaves a little less money on the mortgage than I'd planned for and I get a bit back from the broker. Bonus!:beer:

Cheers for the advice on the KFIs. I'd totally forgotten about them! You wouldnt think I work for a bank! lol:T