Incompetent/complacent IFA

Bighead752

To cut a long story short, my partner and I are in the process of buying a new build using H2B. We were offered a particular sum by a lender (covering the 70%), signing the paperwork and returning it before our broker contacted us over two weeks later to tell us in the vaguest way possible that there had been an issue. Now, he claims the fault lies with the lender and they "didn't realize it was a H2B application" but i have since spoke with the lender and found that he submitted it as a regular mortgage then contacted the lender over a week later, panicking, not knowing how to change it to be H2B. Over a week later, having not mentioned this to us whatsoever, he told us the issue and blamed the lender. 

Now we find ourselves in the position whereby we have been given a revised offer, falling £2000 short of the cost of the house. What is our IFA's approach? No apology, no condolences, no eagerness at all, simply words to the effect of "you guys can save that before completion, right?". Both our solicitor and the developers sales department are absolutely baffled by his work and have commented numerous times on how he did not seem to care about the issue or our sale in general. Now we have received the paperwork for the revised offer and also found that not only are we short, the interest rate for the mortgage has increased, but again, this was never mentioned to us by our IFA. 

My question is, what is the likelihood that we would be able to receive something for what i feel is his mistake? Im not sure whether he is just incompetent or whether it was an honest mistake, but either way i would have appreciated it if he was transparent with us, which he definitely has not been. Any help/advice would be greatly appreciated.  

Thrugelmir

Have you been charged for the work performed to date? 

Bighead752

Thrugelmir said:

Have you been charged for the work performed to date? 

Yes we had already paid his fee following the first application, before any of the issues occurred

ACG

Technically, you are no worse off financially as you were never eligible for the first product anyway. 
But there is also the argument of - if the new product is more expensive is there now another lender who is cheaper and will lend the full amount. Is he going down the path of least resistance or is he finding you the most suitable product? If there is a cheaper product, then theoretically they should be applying for it, unless there is a reason as to why they are not. 

Speaking personally, I always hold my hands up if I make a mistake as it is easy to find out whether it is me in the wrong (I rarely am :-P ) or not. I think it also goes a long way to building trust, people make mistakes. It is how you deal with it that makes the difference. 

Only the broker can help answer the question though. Or you can find a new broker and start from scratch. 

dunstonh

Unusual to see an IFA still doing mortgages nowadays.  IFA (firms) yes but an actual IFA doing them is not that common nowadays.   It's difficult to be a jack of all trades in today's world and something has to give on the knowledge and ability front if you try and do everything.      I know dozens of IFAs and only one does mortgages.   The others either don't do them at all or they use mortgage brokers.

K_S

@bighead752 The broker chose an incompatible product, doesn't look that's in question. Whether this mistake was borne out of incompetence, inexperience or for no clear reason is hard to say as that's subjective.

Whether you are worse off revolves around what ACG said above 

" Is he going down the path of least resistance or is he finding you the most suitable product? If there is a cheaper product, then theoretically they should be applying for it, unless there is a reason as to why they are not."

If he's simply changed the product and kept the same lender (path of least resistance) and not had a look at the larger market, that could mean you are paying more than required over the period of the fix.