Broker miscalculated AIP more than once

neilied

Used an in house advisor whilst offering on a house. Unfortunately it didn’t come off. Stuck to same broker and updated AIP twice. Each time we budgeted as first time buyer with 90% ltv. We successfully offered on a property but when going to full application it was realised that broker had miscalculated income and benefit income. This now leaves us £5k short and need to find the difference. I instructed another broker who not only found the error in my AIP but found 2 others compounding the shortage. Really annoyed by the service from first broker. Could this have been avoided and is there no come back to this through a complaint?

eddddy

I guess it depends what outcome you're looking for.

You say it was an "in house advisor" - do you mean "in house" within an Estate Agent?

If so, complaining to the higher levels of the estate agency company might result in the adviser being "spoken to" or "disciplined".  Especially if the adviser's miscalculation means a sale will fall through, meaning they lose a big chunk of commission.


But if you want compensation for unnecessarily losing legal fees, mortgage application fees, etc as a result of the bad advice and/or poor service - you might have to try complaining to the FOS (Financial Ombudsman Service). 

Their are quite a few examples of the FOS ordering mortgage advisers to pay compensation for bad advice and/or poor service - but I guess it would depend on the precise details of your case.