Broker Kept my fees

muhandis

IF your daughter and you are indeed sure that shewas treated unfairly by the broker and want a refund of the £499 fee, the best way to go about it would be a formal complaint (over email or post) to the firm.

Your daughter should have received the complaint process as part of any paperwork, if not email the broker requesting the same. My experience (Martin reiterates the same quite often) is that firms providing financial services take complaints very seriously under the FCA requirement to "treat customers fairly".

At the risk of butting into your business, I would echo what has been posted above and recommend that you get your daughter to do all this, it will be good practise for many many years to come of dealing with financial services.

WayneS wrote: »

I agree pay day loans are not good but if the broker had asked have you had any payday loans in the last year the answer would have been yes and he would not then have asked for £499 to apply for the Mortgage.
So I still feel under these cicumstances the broker has not done his research or job correctly.
He carried out a credit check which was OK it was the mortgage lender who flagged up the payday loan and refused the loan.
So who has been paid here the broker who tried to set up the mortgage or the lender who refused the mortgage

WayneS_2

The broker did a credit check and advised it was OK ,he then aksed for the £499 to set it up
At that point the lender refused,he then tried several other lenders who all refused .
The broker then stated that they could not have the mortgage and the money is non refundable
My daughter does not apply for mortgages every day and did not know that a pay day loan would effect the credit rating.
The broker who is a fully paid proffessional should have known this and should have asked or at least pointed it out.

ACG

A pay day loan is not a deal breaker in getting a mortgage.
You can tell that on the basis that the broker obtained a decision in principle. It must have fit criteria on the credit check and it is only when an underwriter has looked at it, they do not like the overall profile of the case. I suspect the broker has said PDL for ease rather than trying to explain it in detail.

Was the application a combination of:
The Pay day loan,
Low deposit/gifted deposit.
Lending 4 or more times her income?

JimmyTheWig

ACG wrote: »

it is only when an underwriter has looked at it, they do not like the overall profile of the case.

Should the broker have known this before submitting the application (and/or taking the money)?

stator

Letter of complaint from daughter. That will kick things off and hopefully get a refund

WayneS_2

She was looking to borrow £65000 house was £95,000 (30K gifted deposit)

Thrugelmir

WayneS wrote: »

She was looking to borrow £65000 house was £95,000 (30K gifted deposit)

Was the mortgage broker aware of this?

Thrugelmir

WayneS wrote: »

I agree pay day loans are not good but if the broker had asked have you had any payday loans in the last year the answer would have been yes

Where you present at the meeting with the broker?

WayneS_2

Yes the mortgage broker was fully aware of this

WayneS_2

No unfortunately not