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Compensation from broker
jones_guitar
Posts: 172 Forumite
I would have been successful at auction (I now know in hindsight).
My bids ended up being so last minute:
I told the broker in November that the rental income was £850 not £795. In actual fact it ended up at £925 at the time of auction. It seems they never countered this in. If they did, there was time to apply for a better mortgage and be successful at auction. There was no real reason for the initial broker to get this wrong. Apart from half-heartedness. A second broker got it right, but not in time.
I have been told by the Financial Ombudsman to seek legal advice, to see what compensation would be applicable, if any.
Does anyone think this is worthy of compensation?
Does anyone think this is worthy of compensation?
0
Comments
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The rental income is established by the surveyor doing the valuation of the property and it may not be the same as the passing rent or your estimate.
When you make a complaint, you set out what you want done to rectify the situation. The broker agrees or disagrees and make a counter proposal.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
And given this was a property in an auction, had you verified what the actual rental income was?
It's a common "trick" to set up properties with healthy-looking rental agreements immediately prior to auction, but the rental actually being paid (if any) doesn't match up.0 -
I told the broker in November that the rental income was £850 not £795A difference that small is within the inconsequential range.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It was actually a capital raise one property to buy another. I left the broker and went to another, who did it. I lost faith in the original broker.
The question is, is compensation even a thing considered?0
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