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Incorrect advice from Mortgage advisor - where do I stand?
snagrat
Posts: 6 Forumite
Recently moved house and stayed with Santander. Mortgage advisor stated that we would get ERC refunded after completion.
I have that in writing.
Santander have now said I won’t get it back as I ported to a different product. I do not fit into the criteria of getting it back as still had 13 months on mortgage left.
just wondering where I stand on this and if I can hold mortgage adviser accountable for the mistake. It has cost me £3500 by not getting the ERC refunded.
I have that in writing.
Santander have now said I won’t get it back as I ported to a different product. I do not fit into the criteria of getting it back as still had 13 months on mortgage left.
just wondering where I stand on this and if I can hold mortgage adviser accountable for the mistake. It has cost me £3500 by not getting the ERC refunded.
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Comments
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If you have it in writing and you did what the advisor told you to then you will have some come back. You can raise a complaint and then take it further if needed to be compensated for your loss.0
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Speak to the broker. Let them sort it out.I am a Mortgage AdviserYou 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.0
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Hmm.
Santander criteria is clear - Please see our ERC waiver (choose a new product) tab if your client has six months or less left on their current deal at time of application.
Porting the terms of the existing mortgage to the new mortgage was essential to avoid the ERC. Any decent broker should be aware of this...
Complaint to broker is first step.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
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