We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Broker missed information

Hi all 

So l have a below average credit history and when applying for a mortgage used a broker who specialised in this type of lending. I am buying a new build flat which is 33M Sq.
 I supplied the broker with this information as part of the application process on 1st June. The lender was Kensington and they have taken quite some time in underwriting the case, a valuer visited the flat on 27th June. The next day the broker contacted me to say that they would have to decline the case as their min internal space is 35 M Sq.

I was annoyed to say the least and let them know this as they had this information from day 1, long story short they have now put a DIP in with Precise which has been approved and offered me £300 discount on the broker fee.  I have everything crossed that it will get to valuation / FMA.

My Question is should I accept the £300 or push for more of a discount ?


Comments

  • ACG
    ACG Posts: 24,881 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    They only have to put you in the position you would have been had the mistake not happened. 
    If the rates precise are offering today are the same as they were on the 1st June, then they do not have to offer you anything. So £300 seems like a decent enough way to say were sorry we made a mistake. 

    If the rates have rocketed and you are more than £300 worse offer over the course of the deal, then £300 is not enough. 

    Difficult to say without knowing more, but £300 could be an easy way to just draw a line in the sand.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 353.8K Banking & Borrowing
  • 254.2K Reduce Debt & Boost Income
  • 455.2K Spending & Discounts
  • 246.9K Work, Benefits & Business
  • 603.4K Mortgages, Homes & Bills
  • 178.2K Life & Family
  • 260.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.