Mortgage broker messed up

tegmim

There was a little post-script to this story.

Just under a year later I discovered that one segment of our mortgage (a smaller amount that had been on capital and repayment terms, when the majority was interest only) went onto the SVR, as the same broker had forgotten to pull it into the new mortgage (despite my clear instruction to do that even though it would incur a small ERC, to fix the rates and ensure we had only one mortgage to deal with). By then mortgage rates had gone up massively and the interest on this 10% of the mortgage on the SVR was more than the interest on the entire amount I had fixed at the lower rate. I raised a second complaint, but was worried I'd be scuppered by having accepted a full and final settlement for the first complaint. However, it was investigated by the same people who had resolved the original complaint, and they found in my favour again, paying £11k to cover the additional losses, plus £500 for stress and inconvenience.

I ended up feeling a bit sorry for the broker, as they were so good about the complaint and covered my losses fairly, but this one advisor's bad service ended up costing them (or their insurer) quite a hefty chunk of cash!

ACG

Thats why brokers have to have insurance. Its a shame it was not all rolled up into one complaint as it would have cost the firm 2 excesses but there is not much that can be done about it. 

Mistakes happen, its how you deal with them that I think seperates a good firm from a bad one. If they dealt with it well then dispite the mistakes you might be more inclined to go back to them.