Mortgage Broker/ Mortgage Provider Negligence?

smg1992

Hi Everyone.

First time posting.

I am furious about my situation.

My wife and I, both first-time buyers, applied for a mortgage through our mortgage broker. We submitted all requested documents on February 5th, and on February 11th, we provided additional details as requested. After not hearing anything, we asked our broker to follow up and were told that the mortgage provider had "confirmed" we would receive a decision by February 18th. However, we still have not received any updates.

The last time we heard from our broker was on February 24th, despite us reaching out again on February 27th for an update.

At this point, we have no idea who is responsible—the broker or the mortgage provider—but it seems increasingly likely that we will not be able to close before the stamp duty changes take effect. Does this count as negligence since it could lead to a financial loss on our side?

ACG

It is impossible to answer your question. Definitely poor from the broker to not get back to you in over a week. But that in itself I would not say is negligence. 

Did your broker and solicitor confirm you could be done by the cut off ? 
You could have proceeded with the legals prior to receiving the offer - why did you not? 
Why has your mortgage not yet been offered? (I know you might not know the answer to that, but it is an important question). 

BikingBud

A sole self-employed broker?

One that may have a personal issue that has reset their priorities and perhaps severely impacted their ability to communicate or work? Have you tried to ascertain if there might be an issue with their health and well being?

Were you actually on track to complete on 1 Apr, and had progressed all other aspects of the purchase?

What does your solicitor say? Have they requested searches and completed all the checks and were on track to complete before 1 Apr? Average is quoted as 12 weeks so mid Feb was likely too late anyway.

What does the vendor say? Have they progressed their own arrangements such that they can give you completion and vacant possession on 1 Apr?

Many moving parts to bring together. Trying to attribute blame and liability to any one party to support would I feel be quite difficult.

Life happens to us all sometimes!