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Can I stop using a Mortgage Advisor with an application in progress
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pops
Posts: 21 Forumite
Hi there
This weekend I've been thinking over things and the progress of my house purchase. I used a mortage advisor due to me not having much of a credit record.
Since the start the advisor has been very unresponsive. I'm very patient and do not like nagging, but I've never felt that he has acted in my interest or has he worked on my case in a timely manner, especially when matters required urgent attention.
I'm finally at the stage where natwest have done a valuation, but undervalued and given an offer based on this. They sent this to my advisor early last week. I've been unable to get hold of him since then, nor has he contacted me to tell me about this undervaluation. The way I found out about this was to contact Natwest directly.
I don't want to sound like I'm very impatient. This particular event is the most recent in a series of error's and non-communication by him. I've paid him £350 plus he's due to receive 2% of the mortgage value.
My question is, can I speak to Natwest and tell them that I want to deal with them directly?
This weekend I've been thinking over things and the progress of my house purchase. I used a mortage advisor due to me not having much of a credit record.
Since the start the advisor has been very unresponsive. I'm very patient and do not like nagging, but I've never felt that he has acted in my interest or has he worked on my case in a timely manner, especially when matters required urgent attention.
I'm finally at the stage where natwest have done a valuation, but undervalued and given an offer based on this. They sent this to my advisor early last week. I've been unable to get hold of him since then, nor has he contacted me to tell me about this undervaluation. The way I found out about this was to contact Natwest directly.
I don't want to sound like I'm very impatient. This particular event is the most recent in a series of error's and non-communication by him. I've paid him £350 plus he's due to receive 2% of the mortgage value.
My question is, can I speak to Natwest and tell them that I want to deal with them directly?
0
Comments
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I'm not too sure where you stand to be honest. You could instruct the broker to stop but you may still be liable for further payments? If you go direct to Natwest, they may have to regard it as a brand new mortgage proposal which will result in additional searches, another valuation fee.
It may also add time to your house purchase.
Have you discussed your concerns with your broker? Maybe it would be better to do that first before undoing all of the work that has been done so far?0 -
The offer has been issued, assuming you are happy with the offer you will not need to deal with the broker or natwest again.
2% of the mortgage balance plus £350 in fees, out of curiosity how much is the mortgage for? It seems a lot.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 -
Thanks for your reply.
The mortgage is for £168,750, its a 95% mortgage for the help to buy scheme.
The details of the offer have been sent to the broker and it's those details that I need inorder to progress things, he's done nothing so far. They've undervalued by 20K!0 -
I've just called Natwest. They've agreed to send me a copy of the valuation report so that I can send to the estate agents and whoever needs it.0
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