Possible negligence from my mortgage broker

amnblog

My point KS. LBS will only run a further advance to 90% to purchase equity

haras_n0sirrah

https://www.leedsbuildingsociety.co.uk/mortgages/additional-borrowing/shared-ownership-mortgages/

mortgagetakingages

The best you could expect... ever... is the erc payment that you were intending to avoid by not proceeding. 

As you have no idea what that value is as you didn't ask then maybe the mortgage advisor was thinking £100.

So i guess you can expect £100.

RyanWills94

amnblog said:

LBS would not have lent you 95% of the value. They will only lend to 90% of the assessed value when you are buying further equity. If you needed 95% LBS would not have done it.

Hi, sorry you are wrong. I’ve got the product information, they would have meant me 95% LTV, got the product list and also spoke to a senior underwriter and a manager, they’ve put it in writing for me. It would have gone down as a full residential mortgage and a 95% product was available.

RyanWills94

kingstreet said:

This seems to boil down to one simple question. Would Leeds provide further borrowing upto 95% to enable the OP to staircase upto 100% ownership? If they would, the broker is at fault for not establishing this. If Leeds wouldn't do this and the broker suggested waiting until the ERC ends to then investigate the route of a remortgage to a new lender the "advice" provided appears sound.

Hi, yes they would, I received correspondence and product information from both a senior underwriter and a manager, I wanted to make sure I got all my facts and figures correct before making a complaint. It would have gone down as a full application and there was 95% products available for me.

RyanWills94

amnblog said:

My point KS. LBS will only run a further advance to 90% to purchase equity

It wouldn’t be classed as a further advance, under the affordable housing scheme they would have done a brand new application as a full residential, that’s what the broker failed to find out, he assumed and his assumption has put us in a predicament.

RyanWills94

haras_n0sirrah said:

https://www.leedsbuildingsociety.co.uk/mortgages/additional-borrowing/shared-ownership-mortgages/

That’s now, not before back in October, I have the figures and the historic products, LBS have already confirmed 

csgohan4

RyanWills94 said:

haras_n0sirrah said:

https://www.leedsbuildingsociety.co.uk/mortgages/additional-borrowing/shared-ownership-mortgages/

That’s now, not before back in October, I have the figures and the historic products, LBS have already confirmed 

Do you have the criteria back then as well? You cannot objectively assess you would get a mortgage at the time, not all criteria is available publicly as some is commercially sensitive

ecraig

What do you actually want to get from your broker (or whoever you want something from?)

SpiderLegs

ecraig said:

What do you actually want to get from your broker (or whoever you want something from?)

The OP has already said they are not looking for thousands so I think they are board with most people who have said they would expect a few hundred as compensation for the error.