NotoriousREV

We're currently buying a new house and decided that it couldn't hurt to see an estate agency-based mortgage adviser, even though we were pretty sure which mortgage we were going to go with. Now we're looking to borrow quite a large sum of money compared to current income (4.65 X) but we have no other debts etc. She recommended a Nationwide mortgage that was all but identical to the mortgage we'd chosen (with Abbey, our current lender) except for he fees which were much lower so we agreed for her to apply on our behalf. Nationwide rejected the application but agreed to lend us a lower figure which we declined because Abbey had already said they would lend us the full amount.

She then said she might be able to get a discounted rate with Abbey, but I told her that as we'd aready spoken to Abbey and had an existing relationship with them I would rather apply directly. She then asked me to check the details of the mortgage and said she'd call back the following day to see if she could do any better.

The phone call never came, so we applied with Abbey ourselves. Now it turns out that she has applied to Abbey as well so they won't progress our application until she cancels hers.

Surely a mortgage adviser can't apply for a mortgage on my behalf without my express permission, which was not given in this case. She says it was a miscommunication, but the conversation was very clear to me.

What come back do I have on her now that she's registered a search against us and delayed our mortgage application?

d5hof

I don't think there is a come back however i would speak to the branch manager and also maybe speak to someone in FSA

LeeMac

iTrader: (1)

She has obviously done his on purpose to block your application so she gets her commission which is a small % over the length of the loan (or it used to be), but if she gets you a better deal, why not.

I'm sure if you get a fixed rate you could get more than 4x, I think some go off what you can afford to pay each month so if you get a fixed rate the loan amoount increases.

Lee

Robert Rosario

These days it is all about affordability, with Abbey perhaps more lenient than Nationwide.

Typical estate agent based mortgage adviser with little grasp on ethical reality, but plenty of understanding of underhand business practice which gives everybody else in the business a bad name.

Complain, go direct to Abbey, and stick to your guns.

For good measure tell the "adviser" that if your house purchase (and/or sale) falls through due to mortgage delays, she is liable for any costs incurred. Should do the trick.

Lee247

Have a word with Rhino or Fast Bloke. They are on the ball about things like this

The Snug Rhino

mortgages more fast blokes thing...try PM'ing him.

sounds crap practice though.