Mortgage Broker Problems

Cheesy_feet

I was hoping anyone could give me some advice on what to do next.

We are first time buyers. My partner and I had put an offer in on a house and went through the arrangements with a building society who was whole of the market.

The vendors were really helpful and offered to move into rented accommodation for a speedier sale.

Although the broker told me that they do not give advise she told us to both go with the Satander 5 year fixed rate mortgage but she had to wait a couple of days to be approved to apply for the deal.

To cut a long story short - she kept fobbing us off with PC issues for several days until she told my partner (the better and kinder of our duo) that she was going on holiday and we would have to wait a further week.

I phoned and explained that it was not acceptable and could she pass our details on to a colleague to process. She then decided to stay and do it her self. This was on the 4th April - we were finally getting things rolling.

It turned out that she did not apply for the mortgage in full and she had plenty of details wrong.

We ended up losing the deal and ended up having to go with a £55 a month more expensive deal. She then processed this on the 10th April only for it to come back that she had filled in that we had a house to sell.

A massive mess up and chasing over and over it turns out that they were too late on that deal as well but failed to tell us.

Yesterday 7th May she contacted my partner to tell her she had found an amazing deal and 'ADVISED' we walk away from Santander and go with the Halifax and it would be £20 cheaper a month however with a £999 arrangement fee.

She agreed and the Broker applied without no paperwork or anything being sent over or signed. She then too £1314 arrangement and survey fee which was free with the other Mortgage and only after I was told that it was for a 2 year fixed term.

I feel there were plenty of mistakes on our part but fully mislead by the broker. We are down more money, shorter term only to get a deal sent off to the underwriters after nearly 6 weeks.

A complete sham.

I will be putting a letter of complaint. I have logged ever detail and problem that has been caused. The inconstancy in stories being told by Broker and Customer Services.

Grrrrrrrr Rant over

Mortgage_Mark_2

Wow.

That sounds......awful.

The comeback on mortgage advisors is the Financial Conduct Authority. That sounds like they have breached a LOT of MCOB (Mortgage Conduct of Business) rules....!

I'd take it to the FCA to investigate.

Cheesy_feet

Thanks Mark I will check out the site.

It's sad because we felt under pressure through no fault of our own we could have lost the house.

Staying loyal and keeping faith with a company pays you no reward.

I have been told that this has happened to several other customers. They claimed to be whole of the market and everything.

The icing on the cake is yesterday the agent told me how inexperienced she was.

Mortgage_Mark_2

Hopefully this will help...

http://www.fca.org.uk/consumers/complaints-and-compensation/how-to-complain

Cheesy_feet

very helpful. Thanks Mark.

egoode

I'm surprised you stuck with her after the first or second screw up let alone using her a third time. I hope you have found a new broker now.

Cheesy_feet

I know it seems that way but we didn't know just to what extent they mis-led us until yesterday. Even though I was the main decision maker they rang my partner.

I spoke with a broker who explained that due to the time constraints I would have to start all over again.

He did advise that as I kept with the same company throughout who cocked it up that I stand a stronger case of compensation.

I have a log of each mishap they made. They seemed to shout from the rooftops the first time that they would ensure everything would be done correctly the second time. Unfortunately they flat out lied and mis-advised what was going on.

Lesson learned. Just when you invest so much time with a company and they give you so many promises and to fail three times.

My solicitor has offered to get involved but I am sure I can deal with this directly.