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Lying mortgage broker!
sarahedwards
Posts: 4 Newbie
Our house sold within two days. The buyer has stalled and stalled all the way through (problems with survey etc). His mortgage broker then told my estate agent that their computers were out of action for a couple of days and that the mortgage offer would not be out until the following week. It now transpires that the buyer has the mortgage offer but has now said that he wants £20k off the price of the property due to everything in press about house prices. All this with about a week or so to completion so a real kick in the teeth.
Is there any recourse on his mortgage broker as they clearly lied to my estate agent as the mortgage offer had gone out?
Is there any recourse on his mortgage broker as they clearly lied to my estate agent as the mortgage offer had gone out?
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Comments
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No.
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You're being gazundered, and that's that. The delaying tactic is just that - a tactic - and not what you should be focusing on.:beer:0
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Take the money & run. This buyer is a fool & could be the last one in town until.....................................................when are the Olympics?
This is a serious post.
If you are buying something else, pull out & rent.0 -
Just reject the offer and put your house back on the market. While prices may be static or dropping a tad in certain areas there is certainly no reason to drop it by 20k, especially as the house was only on the market for 2 days.Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!!
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.730 -
Is there any recourse on his mortgage broker as they clearly lied to my estate agent as the mortgage offer had gone out?
You didnt employ that mortgage adviser so there is no contract with you. His responsibility is to his client.
The adviser has also done nothing wrong as he has no requirement to tell the estate agent anything. The adviser also doesnt produce the offer letter, the lender does.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 -
looks like gazundering is back in town. As for the broker he is regulated to give advice and treat his customers fairly. Ah litigation, yeah take the broker to court:cool:
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Thanks for all the replies. Just didn't see this one coming at all - naive to think when someone puts in the initial offer that's what we'd end up with! As for his broker, I realise that he works for his client but surely it's unethical to lie so blatantly!
Anyway, house back on the market - told him what he can do with his offer!0 -
How much is the house on for, Sarah?0
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sarahedwards wrote: »
Anyway, house back on the market - told him what he can do with his offer!
Nice one, hope it all works out.'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
20k drop is a bit excessive, but chances are with the house back on the market, you won't get what this buyer was originally offering. Be prepared to drop your price at least a little.poppy100
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