Mortgage Broker Financial Information Disclosure

Spondon_Owl

Hi,

Not sure if this is me being daft but I am progressing through a new build purchase and having had an original house valuation undertaken which was significantly under the house builder asking price, they suggested I progress an alternative application i.e. to provide a second valuation.

The valuation came back yesterday, similar to the first valuation, but oddly the mortgage broker i am using (which was the one recommended by the house builder) informed the house builder of the findings and not me. They have in fact made no contact today whatsoever, barring a phone call to offer me over priced house insurance.

Is there some form of rules surrounding this action? This feels like information which shouldn't have been made readily available to the house builder.

p.s. i realise that they guys are getting commission and don't care about my interests.

G_M

Yes I think you are right.

If you instructed the broker, and are paying for the service, they should report to you and no one else.

Internal complaint followed by ombudsman?

kingstreet

The broker may be trying to talk the builder into accepting the lower price, so they wanted to try to get you some good news before imparting the bad.

I can see no other reason for them talking to the builder first.