Refund offer from Mortgage Broker

adason

MortgageMamma wrote: »

1. How many product providers the firm had access to
2. were you charged a fee for the advice
3. did you receive a reasons why letter explaining why they recommended that product?
4. did you receive a copy of the mortgage quotation?
5. did you have adverse credit when you applied for the mortgage?
6. Does the adviser have a copy of the research they did on file?

1= All of them they said
2= yes £1000
3= no
4= no it was a writen on peice of paper with 3 options all from GE money
5= yes but no deafaults for 5 years all creditors registered satisfied we just didn't earn alot to get on the ever climbing market so were delghted to know we could get a mortgage
6= i don't not sure if they will

adason

MortgageMamma wrote: »

Re the compensation the letter doesnt really give enough away to say whether you should accept the offer or not. You may be entitled to more, or, it may turn out that you have not been misold and its just the firm didnt keep adequate records in the FSAs view. If thats the case then you shouldnt take the money on moral grounds.

if they haven't kept adequate records we will never know if it was misold or just rubbish housekeeping on their part, so morally i think i have the right to take the high ground and will certainly want to accept the money either way.

adason

Tiddler wrote: »

Just skim reading the posts can't see where you say what size of mortgage you have, what term it was taken out for, and what credit problems you had

mortgage is £114950 over 25years i had 3 defaults on store cards from when i was 18 i paid them all off though being 21-22 and applied for my mortgage aged 23.

MortgageMamma

I cant believe you never got a quote. you could ask for you £1,000 back as well.

Ian_Griffiths_Halifax

Absolutely!

Ask for your Brokers Fee back as well if they are admitting/or can't prove that they were giving you the best advice.

adason

MortgageMamma wrote: »

I cant believe you never got a quote. you could ask for you £1,000 back as well.

Just to clarify Mamma we had a scribbled hand written offer of 3 interest rate options with one lender, our final chosen option we have a printed quotation, i think i will just call the FO on monday and see if they can give me any advice and pending that conversation i will accept or make a full complaint.

thanks for everyones help with this thread

MortgageMamma

plus interest of course. thats your money, it should have been in your pocket. so you want the brokers fee plus interest. if its been built into your loan you will have paid a fair bit of interest on it. If you paid it cash then you could have earned a fair bit of interest on it.

jamesd

adason, how high were the values of the store card defaults?

I have the initial impression that you were sold a sub-prime mortgage when you should have been sold a near-prime or even prime mortgage instead. And that their inadequate records are likely to be the only reason why they can't determine that they mis-sold the mortgage to you.

So, ask them to verify that their records show the correct default and satisfied condition of your debts and tell you the different costs of prime, near-prime and alternative sub-prime lenders who would have considered your case and which were approached but declined to take the business.

A major mis-selling problem with sub-prime mortgages has been selling them to people who were unsure of their ability to get a mortgage when they could have qualified for prime or near-prime rates from some lenders. Depending on the amounts your description of your circumstances seems to fit this profile of uncertainty and mis-sale.

I suggest not accepting their offer until you find out their response to the questions I've suggested above.

homer_j_3

when was the mortgage advised?