Mortgage Broker made a mistake - what are my rights?

ACG

Deleted_User said:

A few observations
1. Santander does not allow brokers to do additional borrowing on existing mortgages.
2. PT system would have been locked until 4 months prior to expiry.

I use Santander a lot. I like them, they have good systems that wouldn't make a mistake like this. 

If broker has documented a remortgage from santander to santander with capital raising then they have dropped the ball in an extreme way.
Being cynical, if they work for a large corporate brokerage then they may have tried to just do whatever was needed to get your mortgage on their figures to keep management happy.  Seen it before a thousand times when i worked in that environment. 
I personally dont buy it being a mistake as the existing customer qnd remo systems are completely different access points on the portal.  

Do not complain to Santander. They have no liability to you as the broker provided the advice.  Register a formal complaint and ask for what ACG said. The best 5yr fix and it to match the total you would have paid on the best 5 year you would have qualified for last year.

If you want to stick with Santander then you will have to speak to them directly as they dont allow brokers to do additional borrowing.   Get confirmation from brokers complaints department that they will still cover the difference.

If i had made this mistake i would fully expect to be paying thousands in compensation so dont give up

Edit:  ask for a copy of your application to the lender.  That wil clearly show if they've tried to do it as a remortgage and will form part of your evidence when you ask for compensation 

Why!? Im doing my first case with them. I think it could be my last. 
Their system is horrible, although I suppose you might get used to that after a few. Having to do the affordability calculator to get an income figure when it is 2.5x income, no kids, no debts etc is just a waste of time. 

I need to call them and I have been on hold for 20 minutes and still going. 

All in all, so far I think I would rather turn business away than deal with them again. No doubt their system will have logged me out by the time I get through, so will then need to dig out a username which makes no sense and a PIN number I cant remember. 

[Deleted User]

yeah I can see the reason for majority of your comments.   They are very difficult to get hold of when things go wrong. Nearly an hour i spent on hold the other day
Main reasons I use them:

• personal loan as deposit
• affordability calculator (if done properly) will always match underwriting
• rarely for me ask for more than initial packaging
• accountants certificate for SE meaning rarely any questions on SE cases
• Will ignore covid year for SE
• BTL they dont have any documentation requirements as standard so usually go to approved subject to val as soon as app submitted.
• DIP is quick, app keying is quick, system doesnt throw you out randomly.  Being able to jump between screens easily

ACG

I think my blood pressure has gone up a few points using them. I might give them another try if they crop up, but 25 minutes on hold is not really on. And an hour, I think I would end up getting kicked off panel by the time they answered the phone. 

kylaria

DettaWalker said:

that's what I am trying.. although L&C are doing their absolute best to deflect and just get me to apply for something new. I've sent a note to their complaints department now and also contacted the times money Question of Money column

Could I ask how this turned out with their complaints department? We're in a v similar position and would be interested in how they responded. 

Thanks!