Remortgaging through broker

[wormvortex]

Went with an online broker. First mortgage they recommended I went for only to find out the mortgage offer expired before the completion date I needed. Therefore it was unsuitable. They did not notice this! Luckily I did. No fees were due so it wasn’t a huge deal.

2nd time round and everything seemed to be going fine. Completion date was due to be today April 1st but again this was not possible! The reason I’m told is my current provider West Brom will not produce any mortgage redemption statements for April onwards until April 1st! So the completion has now been pushed to next week and in turn I’ve just been charged £121 more than usual by West Brom because I’ve defaulted to their standard variable tariff.

Assuming it completes next week would I be funded the remaining 3 weeks of this months mortgage by West Brom or have I lost this money? Also do I have any comeback with the broker/solicitor as surely they should have known about a mortgage statement for the new financial year would not be produced beforehand? Although from calling the solicitor it seems they did not know this. Or have I just got to stomach this £121 extra charge?

 

[The Dark Horse]

I would probably call the Financial Ombudsman Service and ask advice. I've never really rated brokers, my one experience of one I used years ago wasn't great either, I done a five minute google search and found a better deal online myself. I'm sure there are plenty of good ones out there though.

 

[MrFraggle]

Oops as has been pointed out and not particularly kindly my post is in the wrong thread.

 

[thekilljoy]

You know you are getting old when you install an app to remind you to take medication as three times a day is a tricky memory feat.

Wrong thread - sign of old age

 

[Tight Git]

I've never really rated brokers, my one experience of one I used years ago wasn't great either, I done a five minute google search and found a better deal online myself. I'm sure there are plenty of good ones out there though.

Agreed!

I consulted 3 brokers and easily beat their best offer with a 2 minute Google search.

Despite claiming to work in their client's best interest, we all know who they're really looking after!

 

[John]

Is the deal from another provider so much better than those from your existing one ?
The last few times I have had to remortgage, I seem to have been able to get a longer deal at a lower % from the Halifax, so have never seen thr need to move
I just assumed by the time I had taken into account any fees, I was better off staying

 

[JimboH]

Went with an online broker. First mortgage they recommended I went for only to find out the mortgage offer expired before the completion date I needed. Therefore it was unsuitable. They did not notice this! Luckily I did. No fees were due so it wasn’t a huge deal.

2nd time round and everything seemed to be going fine. Completion date was due to be today April 1st but again this was not possible! The reason I’m told is my current provider West Brom will not produce any mortgage redemption statements for April onwards until April 1st! So the completion has now been pushed to next week and in turn I’ve just been charged £121 more than usual by West Brom because I’ve defaulted to their standard variable tariff.

Assuming it completes next week would I be funded the remaining 3 weeks of this months mortgage by West Brom or have I lost this money? Also do I have any comeback with the broker/solicitor as surely they should have known about a mortgage statement for the new financial year would not be produced beforehand? Although from calling the solicitor it seems they did not know this. Or have I just got to stomach this £121 extra charge?

Yes you would be due the 3 weeks refund assuming it goes as you stated, with most lenders this happens automatically these days but as West Brom are a smaller lender I would suggest keeping on top of it yourself to ensure it happens. Ultimately the person "in control" of all of this should be the solicitor; the broker has very little, if any, input on this stage of the transaction so it really isn't their fault.

If anyone is at fault here I would suggest it's your current lender. No need to be speaking to the ombudsman at this stage in my opinion, although that is of course your right if you feel like you should.

I hope you get it sorted mate, these sorts of things can be horribly stressful.

 

[wormvortex]

Yeah the current deal with a lot better than my previous lender. I previously refixed with West Brom but this time they were no where near the cheapest.

If it’s just a week paying the higher rate from West Brom then it’s not a huge amount.

I won’t bother with a broker next time. I dunno why I did this time tbh. I was more curious if anything what they would fine and as there were no fees payable by me I thought what the heck I’ll follow it through. A quick comparison of several sites and I couldn’t see anything better than what the broker could offer either.