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Sue mortgage company
markmark0858
Posts: 3 Newbie
What are my chances of successfully suing my mortgage company for excessive delays?
I have been trying to exit a bridging loan via a buy to let mortgage. It took 2 months for the mortgage company to eventually make a decision (declined!) which has cost me over £7000 in interest. Not to mention broker & valuation fees.
I immediately tried another broker who found me a loan in 3 days(from another specialist lender). Just have to get the properties revalued now.
They have demonstrated that the first company's delay was clearly unnecessary.
Thanks in advance for opinions.
I have been trying to exit a bridging loan via a buy to let mortgage. It took 2 months for the mortgage company to eventually make a decision (declined!) which has cost me over £7000 in interest. Not to mention broker & valuation fees.
I immediately tried another broker who found me a loan in 3 days(from another specialist lender). Just have to get the properties revalued now.
They have demonstrated that the first company's delay was clearly unnecessary.
Thanks in advance for opinions.
0
Comments
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None whatsoever0
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when you ask someone for money they can take al song as they want to decide to lend or not.
Broker failed to secure funds ask them for their fee back.0 -
You want to take them to court because they took a while to make a lending decision? They are under no obligation to meet any particular time scales or even lend you their money. I can understand it's frustrating but I think you're wasting your time (and money) if you take legal 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 -
markmark0858 wrote: »What are my chances of successfully suing my mortgage company for excessive delays?
You can't hold people liable in court just because their actions cost you money.
Did you make the decision to apply to them because they told you that a decision would be made quicker than 2 months? Do you have that in writing?
If so then make a complaint to them and get a final response, then complain to the financial ombudsman. There is a small chance they will offer you something to avoid that, there is a smaller chance the ombudsman will find in your favour.
The expense of taking them to court is not worth the risk, the court could even award them costs & you'd be even further out of pocket.0 -
None whatsoever
This view is probably a little generous.
Our OP has not had the result expected, that’s business.I am a Mortgage Broker
You 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 -
To clarify - You want to sue a mortgage company because they didn’t offer you a mortgage?0
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No! That's not what I said!0
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Ok, maybe it was a stupid question but I was ever so slightly irritated!0
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