ReedRains Independant Advisor - am I forced to pay fee???

splreece

Hi all, I did a similar thread but about mortgage declines but this is about Reed Rains and actual fees. I don't want to offend any advisors out there who do their jobs properly but I have a real issue that has cost me £700.

It sounds like I am being cheap and cheeky, but am a FTB and feel I have been led into £700 trap with no exit.

I went for 65k house.. had 10% deposit... gave all my details to this advisor. She handed me a sheet of t&c's which I havent signed.

BUT - she advised that we will have no problem getting a mort and aim for 3.9% max and 8k deposit is fine so I agreed to do mort apps.

2 weeks later and I have 3 declines... I have a 15% deposit and she has just come back to say halifax will accept with a 35% deposit only.


I am furious because I went to inhouse brokers for market expertise and advice.... now reading forums, it seems like i havent been given any advice or had any expertise... just a monkey with a computer.

is this really the case? because if it is then the mortgage is irrelivant as no matter what happens after the application the charge will stand.

I do remember asking if i am declined will i get charged and she said no but i am concerned that an unreacheable deposit will constitute a chargeable scenario.

Has anyone got any experience with ReedRains, cos if I have to pay all fees, if feels like they have got me in, got the verbal agreement .... Surely the statement "find the best mortgage for you" must have some weight to it.

ACG

See what they say. If they try and insist on it, just explain you do not feel happy paying anything as they have not got you what you requested.

If they insist on it, ask them for their complaints procedure and put in a complaint but make it clear you will go to the financial ombudsman if you do not get the result you expect.

Westminster

You haven't signed the T&C's and they haven't secured you an offer.

I wouldn't consider paying anything in your position.

dunstonh

Without a fee agreement signed by you, they can whistle.

amnblog

We don't know the terms of the Reed Rains fee agreement, neither do we know your own circumstances and what was said or not said. Therefore we are not in a position to comment why you find yourself in the situation you are in.


What is clear is that is you are unhappy with the service received by a regulated mortgage broker and choose to complain, your complaint will be considered in good order and a formal response provided.


If you are unhappy with the response you have recourse to the Ombudsman.