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Mortgage broker issues. Time to complain or wait?
Kent77
Posts: 17 Forumite
Hi all.
We are having trouble with our mortgage broker and need some advice...
After initial talks with this firm in mid-February about obtaining a mortgage with fully declared historical poor credit, we paid an up front fee of £599 on the basis of their statement that they could help. Stating a refund if they couldn't secure us funds. We paid this fee on 27th Feb and submitted all requested documents by 2nd March.
On our online client area on their website, they list 2 lesser amounts offers (whereby a larger deposit is required than what we have available (declared to broker in initial discussions), 1 flat out decline, and 1 offer with a note dated 29th March stating they are working with the lender to increase LTD to match available deposit.
Despite several exchanges of emails (we can't call them as calls are handled by one of those receptionist services) to which they blame lack of staff at their end and at the lenders also over Easter, we have still yet to receive an SIP.
They have a stated turnaround time for emails of 48 hours (service status currently at Amber which means taking longer than 48 hours, which has been at Amber since around 10th April).
They have admitted that this is taking too long (a week ago) and that more info would be provided, which so far hasn't happened, only saying they are waiting to hear back from the lender (for over a month!)
At what point do we say enough is enough? It's taken this long to (not) get an SIP it doesn't bode well for the rest of the process.
What do we do? If we hadn't have paid £600 up front we'd have gone elsewhere by now.
TIA
We are having trouble with our mortgage broker and need some advice...
After initial talks with this firm in mid-February about obtaining a mortgage with fully declared historical poor credit, we paid an up front fee of £599 on the basis of their statement that they could help. Stating a refund if they couldn't secure us funds. We paid this fee on 27th Feb and submitted all requested documents by 2nd March.
On our online client area on their website, they list 2 lesser amounts offers (whereby a larger deposit is required than what we have available (declared to broker in initial discussions), 1 flat out decline, and 1 offer with a note dated 29th March stating they are working with the lender to increase LTD to match available deposit.
Despite several exchanges of emails (we can't call them as calls are handled by one of those receptionist services) to which they blame lack of staff at their end and at the lenders also over Easter, we have still yet to receive an SIP.
They have a stated turnaround time for emails of 48 hours (service status currently at Amber which means taking longer than 48 hours, which has been at Amber since around 10th April).
They have admitted that this is taking too long (a week ago) and that more info would be provided, which so far hasn't happened, only saying they are waiting to hear back from the lender (for over a month!)
At what point do we say enough is enough? It's taken this long to (not) get an SIP it doesn't bode well for the rest of the process.
What do we do? If we hadn't have paid £600 up front we'd have gone elsewhere by now.
TIA
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Comments
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Give them a deadline, say 14 days, after which you terminate and want deposit back.0
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Sounds like you would have been better with a local broker where you can deal face to face. These online sites frequently fail to satisfy when your case is not simple.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I can certainly recommend London & Country in terms of online/telephone brokers. They just successfully got me a mortgage (FTB) and the situation was definitely not "standard" and there were some complications which they managed to sort out for me. They don't take a fee from you, so I figure it gives them an incentive to actually get you a mortgage.0
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definitely! Put in an official complaint.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
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Which online broker is it?
This is why myself and many others fundamentally disagree with charging a fee upfront.
I agree with ACG, make a complaint about unacceptable service standards and ask for your money back.I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, 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 all, I still haven't got any further with them so formal complaint going in today. I assume brokers don't like formal complaints?
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And I'm calling them out on here- mortgageshop dot com0
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