Mortgage lender lost us the house, complaint/resolution

dares_uk

Hi


Previously our mortgage lender caused a delay which cost us the purchase of a house.
Vendor pulled out as things were taking too long.
We complained to the lender, and they have confirmed the delay, and offered an amount.
I responded again, refusing the amount as it was pitiful for the effect they caused.
They have since increased the amount slightly, but only by £50.


Do you think its worth pursuing further,
take it to the Financial ombudsman ?
What amount do you think would be acceptable.
we lost about £1000 in costs, along with the house we were buying.

ACG

Did you ask for an amount and justify it in your complaint?

macman

Ask for your quantifiable losses. What have have they offered?

Car1980

What stage were you at?
How long was the delay?
What was the precise cause of the delay?

Every mortgage company causes delays of some sort or another so need more info.

G_M

Plus no mortgage lender has any obligation either to lend money on a property, or to do so within any fixed timescales.

So I suspect any offer they are making is a goodwill gesture rather than a right. How far you push their goodwill is up to you.

Thrugelmir

dares_uk wrote: »

Vendor pulled out as things were taking too long.

Lenders have no liability for the actions of third parties over which they have no control or in fact any direct relationship with.

Was the property remarketed?

hazyjo

How many weeks into the process were you when you lost the house?

Did they say how long it would take? Never been told that myself. Last surveyor took three weeks or so to get survey back to me. Was peed off at them but wouldn't have crossed my mind to ask for compensation if I'd lost the house. They were under no obligation to follow through to completion.

One in three falls through - fact of life rather than anyone's direct fault surely? Usually it's as a result of something but not sure how they could be held financially responsible. Unless you were five months in or something, it sounds more like the sellers got cold feet - or have they remarketed (NB just noticed that's a repeat question - hadn't noticed one above mine)?

dares_uk

11 weeks in purchase,
6-10 days delay on top of their normal response/ advised time.


yes property got remarketed.

Car1980

Pulling the sale at just a 6-10 day delay sounds like a problem with the vendor's attitude rather than any serious failing by the bank. They were tardy but a lot of other lenders can take weeks and lose paperwork and the vendors just grumble a bit. That's why it usually takes 3 months minimum to get to completion.

stator

You don't have much of a claim to be honest.
If their service was poor the best you can ask for is your application fee back.
You won't get any consequential losses back, like surveyor's fees or legal fees

dares_uk

we got our initial application fee of £999 back.
but the fact it was the banks delay, 14 working days we were advised, this was passed to the vendor,
another 6-10 working days of delays until we got the answer we needed.
there was a few days then of the EA trying to persuade the vendor.
been offered £175 as compensations. but the lost sale cost us near £1000 in solicitor fee's.