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Mortgage advisor error on mortgage application - what can we do?

robcyb
Posts: 38 Forumite
All resolved - thanks for the replies!
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Comments
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I would park the legal recourse idea for now as this can be salvaged.
If you've gone through an Estate Agent the broker is unlikely to be just be a one man band they'll have either a support team or a colleague handling their cases.
First things first they need to contact the lender with the correct figures and see if they can get it re-offered.... I assume this is what they're doing now?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 -
Hi David,
I asked the in-house team and they said I need to speak with their regional sales director. That's what I'm working through now.
As I said - my priority is to get this resolved, but am utterly shocked, stressed and dismayed that I placed trust in someone who is supposed to have our best interests in mind.0 -
Hi David,
I asked the in-house team and they said I need to speak with their regional sales director. That's what I'm working through now.
As I said - my priority is to get this resolved, but am utterly shocked, stressed and dismayed that I placed trust in someone who is supposed to have our best interests in mind.
They made a mistake - have you never made one before? I can understand it is a stressful situation to be in but don't blow it out of all proportion yet. See if it can be salvaged first.0 -
I've been advised that the changes have now been requested and can expect up to 1 week turn-around for a revised offer to be made.
Mistakes happen; but for it to go unchecked for so long is surely a serious lapse of professional judgment on the mortgage brokers behalf?0 -
I've been advised that the changes have now been requested and can expect up to 1 week turn-around for a revised offer to be made.
Mistakes happen; but for it to go unchecked for so long is surely a serious lapse of professional judgment on the mortgage brokers behalf?
It's a mistake, it happens. I think you are overreacting as this is easily rectified and isn't going to leave you out of pocket. If it does, then look to take further action.I am a Mortgage Broker.
You 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 -
First and foremost, house sale is due to complete in two weeks time (we haven't exchanged just yet, luckily), and secondly I'm completely shocked that someone with FCA backing, etc. could have made such a poor mistake, and not only was it missed at data entry time, but also from reviewing the offer and sending us the new monthly figures. It was only when I reviewed the documentation that I found their mistake.
Errors happen and this is easily resolved. The lender should be able to turn this around quite quickly and get a new offer letter sorted.
You are overreacting to a genuine error that anyone could make. Just remember the next time you make an error on something.but what legal recourse (if any) do I have with an FCA regulated firm/broker?
None whatsoever. You are not financially out of pocket or suffered any loss.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 -
Here's an old bookkeeping trick my auntie taught me when i was a kid. If you reverse two digits, the difference between the correct and incorrect total is always a multiple of 9, so your shortfall figure of "£30k" cannot be correct. Best not get too upset about the FA's failure to notice the mistake if you can't get your figures right either.0
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Here's an old bookkeeping trick my auntie taught me when i was a kid. If you reverse two digits, the difference between the correct and incorrect total is always a multiple of 9, so your shortfall figure of "£30k" cannot be correct. Best not get too upset about the FA's failure to notice the mistake if you can't get your figures right either.
£30k could be rounded though - maybe it was actually £29,700 (which is divisible by 9).0
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