Unauthorised mortgage application

JackBurace

So we’re first time buyers and went to a mortgage broker on Saturday who performed 2 hard searches with us in the room. The first one declined due to some defaults over 3 years old. But the second, more adverse mortgage accepted. However we asked the broker (who we were on a free session with and who we hadn’t appointed) to call the 2 companies and ask why the first declined and why the second wanted a bigger deposit which he had offered to do for us.

Come Monday I call him up to see if he’s got any news for us and he’s made a third completely unauthorised credit search on us with another bank which has been declined.

My questions are;

Will this 3rd hard credit search affect our chances of getting a mortgage elsewhere?

Can I get this unauthorised hard search removed and if so how quick is the process?

If we cannot get a more favourable mortgage elsewhere and are in fact stuck with the one adverse mortgage that the broker has us accepted for can we make a claim for the difference which we will have to pay to get the house that we have put an accepted offer on?

I appreciate any help and advice you can give!

System

Your defaults will be a much bigger issue than an additional search. He hasn't made a credit search, a mortgage company has, it may have even been the first company that declined you. Would you be complaining if he'd come back with a better deal?

No you can't claim compensation as you cannot prove that it was a particular additional search that resulted in being offered a higher interest rate especially when you're going to be going elsewhere.

Blackbeard_of_Perranporth

JackBurace wrote: »

So we’re first time buyers and went to a mortgage broker on Saturday who performed 2 hard searches with us in the room. The first one declined due to some defaults over 3 years old. But the second, more adverse mortgage accepted. However we asked the broker (who we were on a free session with and who we hadn’t appointed) to call the 2 companies and ask why the first declined and why the second wanted a bigger deposit which he had offered to do for us.

Come Monday I call him up to see if he’s got any news for us and he’s made a third completely unauthorised credit search on us with another bank which has been declined.

My questions are;

Will this 3rd hard credit search affect our chances of getting a mortgage elsewhere?

Can I get this unauthorised hard search removed and if so how quick is the process?

If we cannot get a more favourable mortgage elsewhere and are in fact stuck with the one adverse mortgage that the broker has us accepted for can we make a claim for the difference which we will have to pay to get the house that we have put an accepted offer on?

I appreciate any help and advice you can give!

Do you want a martgage?

If yes, your broker is looking for the best deal for you!

If no, rent!

bigisi

Why on earth does everything have to boil down to compo compo comp nowadays? Pure greed, nothing else.

System

Blackbeard_of_Perranporth wrote: »

Do you want a martgage?

If yes, your broker is looking for the best deal for THEM!

If no, rent!

I fixed your comment in Bold.

Nebulous2

I've heard people refer to a technique as 'spray and pray.' It sounds as though that is what your broker has done with three applications. I would have expected a paid for adverse credit broker to know where they could place your mortgage. It might be worth posting on the mortgage forum. Brokers there might have an idea on what you could do now.

Blackbeard_of_Perranporth

beany_bot wrote: »

I fixed your comment in Bold.

I will leave my other obvious error for all and sundry!

amnblog

JackBurace wrote: »

Will this 3rd hard credit search affect our chances of getting a mortgage elsewhere?

Your Adverse credit is the much bigger issue so, no.

JackBurace wrote: »

Can I get this unauthorised hard search removed and if so how quick is the process?

No

JackBurace wrote: »

If we cannot get a more favourable mortgage elsewhere and are in fact stuck with the one adverse mortgage that the broker has us accepted for can we make a claim for the difference which we will have to pay to get the house that we have put an accepted offer on?

You are not stuck with anything. If you don't like the Offer, do not make a Full Application.