Broker & Packager complaint

GKpopcorn

history, i am a 1st time buyer, self employed with only 1 good year of accounts. we have defaults that are now expiring.

we found a house after having a few conversations with various brokers to find our chances of getting a mortgage. we didnt really think we had a chance but a few of them said we could still get one even with our criteria.

we eventually chose a broker who said they have a mortgage company that will look at our case but that will have to be through a packaging company. theres an extra cost but to us that is pretty insignificant if they can get us a mortgage. this was last august and everything was very exciting but soon and even at the AIP stage we where given dates that things would be completed ie. when we should expect the AIP and these dates where overshot by a few days. not a big problem at the start of this whole process but those days have greatly increased the time it has taken to get to this stage many months on. we are now at the re-valuation stage and completion before xmas is no longer possible due to in our opinion time wasting.

to add to this we have been receiving fabricated information via the broker that the surveyor is being instructed and should be making an appointment with the agent very soon which after speaking with the underwritter this is complete false. this is the 1st occasion we know they have told lies, there could be many more occasions over the last few months that this has happened but without ruffling a few feathers we wouldnt know what has been true and what hasnt.

we have had an incling all along that something isnt right. at the minute i am ready to call a halt to it all but then we would lose the house.

our packager and or broker doesnt deserve a penny from me or the mortgage company in commission in my opinion but i am unsure what to do.

im not asking about how to bypass them or how to get out of paying for a service i am wanting to know what buttons i can press to make them do as they are suppose to do and not waste anymore of my time. this has gone on long enough and i feel that this is totally uneccessaty.

can anyone offer any advise on what i should do?

thank you

TrickyDicky101

Have you made any complaints via their own internal complaints processes? You are unlikely to be able to deal directly with the packager so your compliant would need to go to the broker. If you do that first and maybe seek escalation via the broker?

I can't really see why there would be an advantage to either broker or packager in wasting time - unless you are being charged an hourly rate?

GKpopcorn

no its a flat fee. i have no idea why they would waste time either but its the constant missed dates that have occured. its like there is no thought gone intoo it. for instance the re-valuation was due to cavity wall ties needing remedial works. our broker told me to get the works completion date and let him know a couple of days before so he can get a surveyor instructed for the next day. that was last tuesday and works to be completed last thursday. i spoke with the mortgage lender yesterday(who we have been told all along that they will not discuss anything with us) and they said they have a 5 day turnaround. so to me that was 3 days wasted which means we wont complete before everyone closes for xmas.

it is this kind of time wasting that is frustrating. its the same amount of work required. just needed to inform them the thursday before. its not rocket science but they dont seem to get that.

i have rasied many thing with the broker along the way but never done it formally. maybe i should do this and see what happens.

ACG

1 years accounts does not need a packager, were there any other issues to overcome?

You could threaten to pull out if no movement by x date and/or threaten a complaint, but you may find the complaint is with the lender rather than the packager and/or broker. Obviously if the broker has lied about vlauation dates that falls on them, if they have been given duff info up the chain then you might find the complaint lies elsewhere.

dunstonh

I cant see any reason why the broker would lie about valuation dates. nothing to gain or lose by that. Maybe they are being fed a line.

I think you should discuss your concerns with the broker. The process is all about communication. No point having you festering away when the broker may not be aware of your concerns.

GKpopcorn

the broker is very aware of my concerns. when i told him yesterday about the lies he fed me he was taken back a little. basically last thursday i chased up about the surveyor. asking if one had been instructed and when they would be visiting i was told it was still with the panel. asked on friday and monday morning and was told the same. monday afternoon the broker phoned me to say a surveyor had been instructed and they will be arranging an appointment with the agent today. that didnt happen so yesterday when i spoke with the underwriter they told me it hadnt even been sent to the panel yet. i need to pay a fee before this happens.

when i am typing this i feel as though i am being a little too micro manage but after the last 4-5 months i dont trust them one little bit.

im not sure who is feeding the lies. is the packager feeding the broker and the broker inoccently passing them to me or are they cooking together.

i have tried threatening to pull out and nothing. i have tried telling them i will complain even to the point the director of the broker company ofering his services to pursue the packager once the mortgage has been sorted. but i think that was offered thinking the mortgage would be offered soon a couple of months ago.