Possible negligence from my mortgage broker

[Deleted User]

As the bank has said they would do a full application, would that be a ‘new service’ ie not covered by the one you’ve already paid for?

With my broker, I saw it as paying someone to show me mortgage rates, answer my questions but, mostly, collect and fill out all the paperwork because I was too busy to do it. When she sent me a list of the interest rates and I checked what I could find online and when I found something lower I asked her why there was a difference. I double-checked everything she sent and read all 50 pages of the offer doc. But that’s just me. People can make mistakes, it’s nice to have second set of eye looks over things. Like Warby, I’m not into compo culture at all. 

SpiderLegs

RyanWills94 said:

Deleted_User said:

You paid him to research this option?
Or you paid for the original purchase?

If the former then it will strengthen your case it is formal advice rather than just information and opinions. 
If the latter then its irrelevant as that was for a separate advice when you bought rhe property. 

The trick with a complaint is to try avoid bringing irrelevant information in to the situation.  You paying for a previous service is irrelevant at this point as you arent complaining about the suitability of the original mortgage 

We’ve paid him for his service, and would of continued to do so for every product switch moving forward, as per his contract his service continues during our product, any questions then his details are there. As per his answer, he specifically advises me to wait till the end of the product  and in his own words “I would advise you to wait” we pay for his service and he should have taken his time to find out what options were available instead of guessing. I guess I just have to be clever with my wording and the steps I take. 

His advice at the time, although incorrect, was based on an assumption that the same or equivalent mortgage products would be in place at the end of your product. Which is a reasonable assumption I would have thought.
so that advice in isolation has cost you very little. You had six months or so of difference between rent on 50% and increased mortgage payments.
You can’t ascribe responsibility for the specific error to every event that has occurred since then, otherwise no mortgage broker would be able to recommend anything.

RyanWills94

I think I’ll agree to disagree. I paid for a regulated service, we would have bought the property in full if he provided us the correct advice and as a mortgage broker that’s what you’re trained and regulated to do and that is the complete end of it. We are human, everyone makes mistakes and this is why there’s insurances in place and this is why financial institutes are heavily regulated to prevent miss selling, and wrong advice which has then affected someone’s life moving forward. I will update the thread and see where I get in a few weeks, my solicitor says I have a very good chance and I have every right to put the complaint forward. 

RyanWills94

ftbhopes said:

As the bank has said they would do a full application, would that be a ‘new service’ ie not covered by the one you’ve already paid for?

With my broker, I saw it as paying someone to show me mortgage rates, answer my questions but, mostly, collect and fill out all the paperwork because I was too busy to do it. When she sent me a list of the interest rates and I checked what I could find online and when I found something lower I asked her why there was a difference. I double-checked everything she sent and read all 50 pages of the offer doc. But that’s just me. People can make mistakes, it’s nice to have second set of eye looks over things. Like Warby, I’m not into compo culture at all. 

No because if my broker actually bothered to call and find out, it would of all been done through him. Plus the signed agreement states that the advice will continue for as long as the product is valid for. So I called him for advise as per our contract. I’m quite confused how people should think he’s done nothing wrong haha, he’s miss informed me, and he’s regulated so he’s done wrong.

MortgageWonders

My question is, what are you hoping to achieve with the complaint? 

RyanWills94

MortgageWonders said:

My question is, what are you hoping to achieve with the complaint? 

I literally have no idea. I’m going to see my solicitor on Monday to discuss this in more detail. But it definitely warrants a complaint, I wouldn’t be in the position I am in today if he provided us with the correct advice...

MortgageWonders

RyanWills94 said:

MortgageWonders said:

My question is, what are you hoping to achieve with the complaint? 

I literally have no idea. I’m going to see my solicitor on Monday to discuss this in more detail. But it definitely warrants a complaint, I wouldn’t be in the position I am in today if he provided us with the correct advice...

Whilst everyone can agree or disagree with that point, I'm not sure what you'll actually get out of the complaint as he is already as you said off FCA regulator, you may get a small amount if compensation at most I'd say 500, and surely your solicitors fees outweigh that? 

RyanWills94

Fortunately my solicitor is a family member so he wouldn’t charge me a penny, I have nothing to lose at this point, he was regulated with a firm at the time and they will be liable.

[Deleted User]

RyanWills94 said:

Fortunately my solicitor is a family member so he wouldn’t charge me a penny, I have nothing to lose at this point, he was regulated with a firm at the time and they will be liable.

Do you think you’d still be consulting a solicitor if you had to pay for one?

dunstonh

Complaint rulings are pretty clear.   You get compensation when advice is wrong but only to put you in the position that recovers the loss.    There has been no loss in this case (that I can see but I have speed read the 4 pages and may have missed something).   You are in the same position you were before the error.
The issue is that you have missed out hypothetically and you do not get compensated for hypothetical situations.   In scenarios like this you typically see a goodwill gesture of up to £500 being offered and they are not required to pay any fees you incur through the use of third party claims companies or solicitors as the process is free of charge to use.
So, you need to be wary that you do not start incurring fees from a third party as you could end up paying more than you get back;

Also, it is unclear whether you had regulated advice or just a casual discussion.  A casual discussion where all the facts are not known or unavailable at the time does not mean the same as advice.  Did you actually go through an advice process or was it just a chat on the phone?