Reclaim survey cost

aroweu2

HI i need help, i have just bought a house, i firstly went with with the estate agent to get a mortage and they gave me one in princpal and said if we want to continue that we had to pay a £270 survey fee, after this was paid the mortage was the declined, i then went to an independent mortage advisor and again i had a mortage in principal and had to pay a £200 application fee and then this mortage was successful and i am now in the house but is there any way on how to get a reimbursement on the original charge of £270 as it seems very unfair that we paid to get knocked back, please help

dmg24

Why was the mortgage declined?

Wutang_2

This is happening on a regular basis at the moment. Lenders last year looked for any reason to lend whilst now it is the other way around. You will not get the money back as the lender has the right to decline at any time. It makes life so much fun when you recommend a product - they pay up and then it all goes wrong. The 'Treating customers fairly' ethic is taking a real battering.

Conrad

A refund is possible. Make a written complaint to the chief compliance officer for the firm involved. If you are retiscent about speaking to the adviser, put your complaint in writing for the attention of the compliance officer. They must acknowledge reciept within 5 days and then carry out a swift investigation.

Winning your case depends on whether the adviser could have reasonably predicted a decline was a fair possibility in which case they should have asked the valuation be postponed pending underwriting. I suspend valuations when I suspect there is a reasonable chance the case will be declined.

The overarching FSA priniciple that applies and you should mention is "Treating Customers Fairly(TCF), outcome 4 = advice is suitable and takes account of clients circumstances"

Many firms pay lip service to TCF but as examples such as yours highlight, actually embedding TCF in EVERY process is not actually achieved.
I suspect the first firm you wne tthrough employed several or more advisers so little details like this are easily overlooked in training.

ThomasJames_2

The AIP is all well and good, but if there is information presented at full application that the lender doesn't like or that differed from that at AIP stage they are well within their rights to decline the case ? How is this the EA advisors fault? You cannot proceed to a full application online with most lenders if you dont pay for the survey, that is usually instructed at point of application.

IMO you don't really have a leg to stand on ?