Issue with mortgage broker

jk173

Ok so we have been trying to do a Concessionary Purchase Mortgage with our mortgage broker, taking over the mortgage of a house owned by my father, we needed the transfer doing as quickly as possible to complete within the stamp duty holiday - all looking good like we would complete before the stamp duty holiday ends.

Our broker sent all the information to our lender - going through the underwriters and get a valuation of the property all the usual steps. 

Then when we receive the mortgage offer our solicitor advises that the purchase price is wrong.

We had the value of the property down as the purchase price when clearly has to be the amount we are borrowing which is less. 

We spoke with our solicitor and lender and found that the amount submitted by our broker to the lender was incorrect, frantically we got in touch with the broker and he summited the revision via the online portal. 

Issue we have here is that the underwriters and lenders are quite far behind on their workload meaning we will now not complete within the holiday period and now will look likely to pay thousands in stamp duty fees. 

How do I go about proving that the broker has cost us this money and go about complaining. 

Windofchange

I think the general advice with these kinds of threads is not a lot you can do. Are they part of a big company or a one man operation? Complain to their boss / customer services if something like L&C but if sole trader not much to be done. What is the cost of the transaction? Presumably you were involved in telling the broker the figures involved, so does all the blame lie with them?

In terms of putting a case across, what is the financial hardship you have suffered? The stamp duty has tapered and is about to revert to normal, so it’s a few grand difference perhaps? If seeking financial recompense you’d have to prove negligence which might be quite hard?