Broker Firm Failing

FamilyFeud

Hi All,

I am looking for a bit of advice here if possible.

Back in December 21 we went to our Broker to start a product transfer in good time for when or mortgage rate ends in March 22.

We agreed product transfer was the best route for us received confirmation in the post etc etc. 

Fast forward to March I sent another email to the broker to confirm everything was set for the 1st April and again received confirmation.

Today the new product hasn’t been applied and therefore we have been put on standard rate which a crazy amount has been charged.

I called through to the broker and they said they would investigate, they called back and said we screwed up and didn’t put it through and the product is now no longer available. 

My question is what are regulations around this as now we would be seriously out of pocket due their documented failings? Any support or advice would be greatly appreciated.

As an added fyi this is my first mortgage and first product transfer so rather new to all this.

K_S

@familyfued Based on the very limited information in your post, they appear to have made a mistake which has led to a financial loss for you that can be relatively easily calculated and so should be compensating you for it. If you feel they aren't taking it seriously, and you haven't already done so, consider putting in a complaint over email to get their attention.

Your responsibility in this instance is to minimise your loss, so either doing a PT/remortgage asap. Hopefully you or the broker is already on the case to get this done. It's hard to say which one would necessarily be better as that would depend on the rates and whether you are in a position to remortgage, i.e. change lenders. For instance if you did a PT now at 3% and there was a 2.5% remo rate that you were eligible for, one could make the argument that the remo would have been the cheapest option, using that as a base to calculate your loss.

I want to stress here that the above is based purely on your post and there might be other background details which are relevant as well.

penners324

Product transfers can be done on the mortgage companies website.

Get on that now to get the best rate available.

Then you may have a claim for the difference from the broker.

ACG

Its really easy to fix this.
Switch you over to a new product. Work out the difference in cost - give you the difference. 

That is what they have to do, nothing more (ie no compensation), nothing less. 

FamilyFeud

Thanks for your comments so far the agent has already admitted fault, but the complaints team are now investigating. I have to say the stress of this has been unmanageable quite frankly.

I do have an appointment with another advisor on Monday evening to sort the pork duct transfer which at the moment is out only option due to oh being newly self employed and hopefully we make any cut off so this doesn’t happen again on the 1st of May ……. Here is hoping 

ACG

A broker can do a product transfer within 10 minutes with most lenders. 
I did one with Platform in November that took 7 weeks. But last month I did one with Natwest and another with Accord, both were done in about 10 minutes. 

No need to stress about it, it will get sorted. 

csgohan4

feel for your OP, I did a direct to lender Remortage and they screwed up and product was no longer available. After complaint they upheld my complaint and gave me my original product and some token compensation. 

dunstonh

but the complaints team are now investigating. I have to say the stress of this has been unmanageable quite frankly.

This is a really simple case for the complaints team.   As others above have said, its the cost difference.    Don't get stressed about it as it is an easy one.