Mortgage advice please guys?

homer_j_3

Just ask them for their official complaints procedure.

What exactly do you have that confirms that you need portability?

itsbeef

Basically the FA visited me and we discussed what I was looking for in the way of a mortgage. From that discussion he went away, researched his way through the market and picked out the mortgage.

I have the report the HE prioduced and sent to me and it clearly states "As you will probably be looking to move within the next couple of years the portability of the mortgage is essential in the instance."

Is this enough to push forward with or am I going to have to pay the £8,000+ ERC in order to move?

homer_j_3

If he has identified it as a need on company letter headed paper then that should be sufficient. It is not for you to spot this imo.

I would just sit down tonight and write a letter and keep it to the point and without emotion. So...

You want to set out the date of the original meeting, state that part of this meeting, it was identified by the FA that you were likely to be moving in the next few years. You understood that the FA had considered this fact because of said paragraph in said letter (attach a full copy and highlight for ease of referral).

Explain that as you received professional advice and had this confirmed as a need, you felt that your FA would have ensured that they would have fully considered this in the advice that they gave.

I would mention that you are now in a position where you are moving and have been advised that this mortgage does not allow you to move properties without paying a fee of £8k.

I would mention that whilst you were surprised by this fact, you had expected that the FA would rectify this for you and have given them plenty of time to try and renegotiate or find a solution for you - which upto date has not been forthcoming. Once again surprised, you felt that the FA trying to state that it was your fault for not spotting it, really questions the professionalism of the FA.

As a result of this, you believe that you have been mis-advised as the product recommended by their FA was clearly not suitable or fit for purpose. Also you feel that the FA had a duty of care to ensure that your requirement to move within the time period discussed was factored in and not that they should rely on you to check their advice.

You then need to close the letter asking that they confirm their complaints procedure and look forward to their response.

If you are unsure where to send the complaint, look in section 6 of the key facts document "about our services".

itsbeef

Many thanks Homer........



The sad thing about this is that if this drags on Im likely to lose the house that Im after.

homer_j_3

Well, that could be the case and if you want it that badly, you may have to pay it to make the move and see where the complaint takes you with a view to the FA seeing sense and paying up before it gets to the ombudsman.

You just need to remember that I have not seen any of your paperwork and it does seem like you have a pretty good case. However, be cautious still.

itsbeef

Once again many thanks for all your time and advice!:T