Broker Kept my fees

ACG

JimmyTheWig wrote: »

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

I have said it a lot on here recently but fitting criteria and being accepted can be worlds apart.

No broker is going to get it right 100% of the time and no broker can sit here and give a cast iron guarantee they will get a mortgage on every case. Yes they should know, but we can do all of the checks in the world but it does not guarantee anything.

Part of the problem (from a customers point of view) of paying fees upfront is that you could pay money and get declined and have nothing to show for your money. Personally I would not be happy with that and so I only charge my fees based on results, at least that way I know I am only taking on cases I have confidence I can get to offer. But the flip side is that I could do loads of work and not get it to complete.

AllyMac

Your daughter hasn't saved her own deposit, can't manage her finances without a PDL, and now has mummy/daddy jumping in instead of handling her own complaint.

Time to stop helicopter parenting and let her have the experience of sorting this one out herself I think! It will do her good in the long run.

ACG

I would not want to sit here and say the broker is in the right, but I do not think they are in the wrong. I think they have given you a simplistic answer which has probably made them look bad without them realising/caring.

Personally I think I would have explained the problem a little more and then tried to come up with some sort of plan/timeframe going forward but everyone is different.

I am still a little surprised they have not found a lender with a near 30% deposit and a 1 off pay day loan but there could be more to it that what you have said.

Thrugelmir

ACG wrote: »

I am still a little surprised they have not found a lender with a near 30% deposit and a 1 off pay day loan but there could be more to it that what you have said.

If an individual resorts to a PDL. What else is lurking in the background.

amnblog

Thrugelmir wrote: »

Payday loans are a last resort of borrowing.

There are still many people who don't need them taking them because they believe it improves their credit score.

amnblog

I am afraid Wayne that cases with 30% deposit do not get rejected by several lenders based on a pay day loan.


There is more to this than meets the eye. Certainly more than your daughter is telling you.


I suspect the broker spent a lot of time on this case but was hampered by some background information they were not aware off.


Occasionally, for example we find an applicant that looks fine on paper but the Lender still gives us a 'no' because they are tagged between lenders as unsuitable due to what is known as a Hunter list.


http://www.nhunter.co.uk/


This can happen where a consumer has entered conflicting or misleading information into credit applications.


Your daughter may be within her rights to claim the fee back, but as stated above, that depends on the brokers terms.


I suspect the paid fee, was your money in the first place.

dunstonh

This thread prompted me to speak to my mortgage advisers in our Friday morning meeting. The feedback I got was that our factfind doesnt have a question on pay day loans. It has never been an issue as people with recent pay day loans dont tend to apply for mortgages. Also, people who use pay day loans tend to have other issues. The mortgage advisers agreed that people with generally bad debt issues often try to hide as much as they can from the mortgage adviser and they often only find out later and not from the client.

They also said that a pay day loan by itself would not be an issue with all lenders. It may be with some but if everything else stacked up, it could be placed. So, if there is difficulty placing, it would suggest another issue is causing it.