Mortgage broker made a mistake when remortgaging costing me about £1000. Is there any recourse?

Ohfeelya

My broker made a mistake and cost me about £1000.

He recommended a product I am not eligible for (product is only available for a limited time and ends before my current fix ends). He just realised his mistake, but interest rates have gone up a bit since my application. 

An honest mistake I guess but I feel like dates should be really important to brokers haha. 

Is it worth it to complain? Should I just leave them bad reviews? lol. 

getmore4less

What's the £1000 been spent on of you are not taking that product. 

Ohfeelya

When I first applied, interest rates were very low. There were several products available at very low rates. If my broker had been competent I would have applied for one of those other products instead.

However I now have a mortgage offer for a product I can't use. I now have to make an entirely new application but interest rates have since risen. The cost difference between my mortgage offer (that I can't use) and the lowest interest rate available now - for the five year fix - is about £1000.

[Deleted User]

Sounds like a legit complaint to be made.  Ask them to cover the difference?  If they refuse then there should be a complaints procedure outlined in documents were given initially 

london21

You are usually able to change providers like 3 months before current deal ends, might be only if staying with current mortgage provider.

Nothing to lose by trying to recover the loss but you might be able to still get decent deals with other providers. 

getmore4less

london21 said:

You are usually able to change providers like 3 months before current deal ends, might be only if staying with current mortgage provider.

Nothing to lose by trying to recover the loss but you might be able to still get decent deals with other providers. 

I think you mean PRODUCTS.

ACG

The post is lacking on details, but assuming it is as black and white as you make out then yes I think you have a legitimate complaint also. 

london21

getmore4less said:

london21 said:

You are usually able to change providers like 3 months before current deal ends, might be only if staying with current mortgage provider.

Nothing to lose by trying to recover the loss but you might be able to still get decent deals with other providers. 

I think you mean PRODUCTS.

Yes. in that case have to stay with the same lender but get a different product. 

getmore4less

ACG said:

The post is lacking on details, but assuming it is as black and white as you make out then yes I think you have a legitimate complaint also. 

details would help but £1k is not a lot given some of the rate rises in the last few weeks.

it does not take a big change in rate or a big mortgage to rack up £1k over a 5y fix. 
someone that had been looking at say Nationwide a few weeks back

£60k 5y fix over 20y would be £1k more expensive today

Mind you depending on the ERC, taking the hit and securing that good rate could well still be a good choice if there is a believe rates a will keep going up and they can't get a new one in place in time.

 

ACG

getmore4less said:

ACG said:

The post is lacking on details, but assuming it is as black and white as you make out then yes I think you have a legitimate complaint also. 

details would help but £1k is not a lot given some of the rate rises in the last few weeks.

it does not take a big change in rate or a big mortgage to rack up £1k over a 5y fix. 
someone that had been looking at say Nationwide a few weeks back

£60k 5y fix over 20y would be £1k more expensive today

Mind you depending on the ERC, taking the hit and securing that good rate could well still be a good choice if there is a believe rates a will keep going up and they can't get a new one in place in time.

 

It is not just the change in rates. We also have to look at why the original application was declined - is it all the brokers fault or is it in part the customers fault? Did the customer cause any delays? Its not uncommon for me to be get 95% of the documents we need on day 1 and then 2 weeks later still be waiting for stuff. 

There is a lot to look at and consider, the financials is the easy part. 

amnblog

Sounds like a Halifax case.

Current rate ends 31/01/2022, new rate discussed could not be accessed before 01/11/2021. Rates went up 31/10/2021 so discussed rate not available on 01/11/2022 when switch could be requested.

If that is the case, it does not sound like anything the Broker could do about it.

However, a quiet word with the Broker first to get a clearer explanation.