Mortgage broker scam

Wantalot

My friend contacted the mortgage broker who was locally sitting in the little shop ,according to him the mortgage broker said that he will start his case of mortgage when he initially pay him £2000 which he did in October but now mid January and he hasn't shown any progress at all literally nothing when ever he call him he replies yes I'm working on your case now it's enough for my friend and he wants his money back . What are the ways please let me know .

lee111s

Go into the shop and demand answers and money back.

Did your "friend" get a receipt or any paper work?

For someone to hand over 2k for a remortgage leads me to think they're a little bit silly.

MLSY

Want alot

Seriously ! £2000 upfront for what ? Got to be missing something here

paye

£2000 upfront? deffinatley a scam.

Paully232000

Sounds like something untoward, for example we paid our broker 299 for advice, after paperwork had been completed and sent to mortgage company. And after contract signed saying what % we got back if no mortgage found etc.

Wantalot

lee111s wrote: »

Go into the shop and demand answers and money back.

Did your "friend" get a receipt or any paper work?

For someone to hand over 2k for a remortgage leads me to think they're a little bit silly.

Yes he has got receipts and it's for the mortgage thanks for the advice.

kingstreet

The client should be provided with a terms of business and or fee agreement which explains the service being provided, the fee and the terms under which it is charged and refunded.

Is this available?

TBH the fee is massive for mortgage advice and a little shopping around would have shown this.

amnblog

I am surprised the broker has a 'little shop', at £2k a pop they should have a big one.

Is the 'broker' regulated by the Financial Conduct Authority? If so, your friend should complain the the broker as a start point and the FCA is not satisfied.

If, as I suspect, this 'broker' is not regulated, your friend is at the mercy of the courts and has probably lost his cash.

Wantalot

amnblog wrote: »

I am surprised the broker has a 'little shop', at £2k a pop they should have a big one.

Is the 'broker' regulated by the Financial Conduct Authority? If so, your friend should complain the the broker as a start point and the FCA is not satisfied.

If, as I suspect, this 'broker' is not regulated, your friend is at the mercy of the courts and has probably lost his cash.

Thanks every one for the response how can He check if he is registered with financial conduct authority and also what are the ways that my friend can claim refund .

MysteryMe

There is a list of FCA regulated brokers on the FCA website.

kingstreet

Financial Services Register.

You can check by firm, or by individual. It should be noted appointed representatives of networks may not appear as individuals if they aren't the controller of the AR firm;-

http://www.fsa.gov.uk/register/home.do