FCA regulation

MWT

Most of you who have been here a while will have come across this one before, but it starts back here:

https://forums.moneysavingexpert.com/discussion/4271519/mortgage-application-disclosure/p1

Dates back to 2005, so we are back to the days of self-certification and the perils of what happens when the lending criteria change...

Sandtree

potatoefeet66 said:
Lender submitted application with higher figure outside of bank criteria. 

I'm with others... you need to explain the whole situation properly... for one, who on earth did the lender submit what application to? Not sure if you mean they misrecorded what your application was or that your advisor submitted the wrong amount.  Certainly the banks advisors (aka solicitors, consultants etc) wouldn't be submitting anything on your behalf as by definition they advise the bank not you... maybe you mean your broker or possibly tied agents of the bank?

Are you sure you mean FCA? Its very unusual for the FCA to look into any individual consumer issue, its almost exclusively that the Financial Ombudsman reviews complaints and they highlight to the FCA any emerging themes etc.

potatoefeet66

Sandtree said:

potatoefeet66 said:
Lender submitted application with higher figure outside of bank criteria. 

I'm with others... you need to explain the whole situation properly... for one, who on earth did the lender submit what application to? Not sure if you mean they misrecorded what your application was or that your advisor submitted the wrong amount.  Certainly the banks advisors (aka solicitors, consultants etc) wouldn't be submitting anything on your behalf as by definition they advise the bank not you... maybe you mean your broker or possibly tied agents of the bank?

Are you sure you mean FCA? Its very unusual for the FCA to look into any individual consumer issue, its almost exclusively that the Financial Ombudsman reviews complaints and they highlight to the FCA any emerging themes etc.

I’m an existing mortgage holder I applied direct with lenders in house MA as I had before. No underwriting required due to fast track status. 

However, App was to reduce existing lending, MA applied for a Higher value greater than agreed or stated in kfi issued outside of lending policy LTV and was therefore an automatic decline. 

Lender has now advised while I wait for Response I can if I wish ask FOS to look at this. 

It’s taken 13 years for facts to come out, a documented mis use and abuse of process.