help neede guys and gals

 

as some may know, im doing up a house i bought cheap

 

so i got a mortgage last year (sept) for around 63000 then had a unsecured loan for 12000 (first time buyer, 100% mortgage)

 

then i was told after a month i could swop my mortgage and borrow 6000 more and get a better rate, so i did this with the same mortgage advisor who got me the original deal

 

then there were some complications with a remortgage, which were sorted, so today i got the remortgage sorted and when it came through all they had done was swop the mortgage to another company and gave me 500 quid

 

so i rang the bank and solicitors, and i was told that-that is all they were told to do by my mortgage advisor (he is on hol at the moment :rolleyes: )

 

so as i am green on the subject of mortgages is there anything that i can do to rectify this and get the 6k i need, could the mortgage bloke remortgage again (and him pay the cost) or is it my fault for not being able to understand the deal i was doing

 

my case is, i hired him and told him what i wanted, cause i didnt understand it fully myself, and he got paid for it

 

cheers guys please help

someone must know

There must be plenty of people know about mortgages, you have to get a mortgage to keep ya zed on the road!

His job as a mortage advisor is to make sure you're clear on what's going on and that that's what you want.

 

I don't trust them or independent financial advisors. Ultimately they just want to make money and don't give a shit about the customer.

when me and my wife got our mortgage a few years ago we were shown a leaflet called the mortgage code.

we saw about 3 or 4 building societys before deciding who we was gonna go with and they ALL said that they are bound by law to show us this leaflet and to thoroughly explain the services and offers that they provided.

so if the guy has failed to explain your options or offers or whatever to a point that you understand surely hes at fualt.

........did that make sense :)

From what you have said it sounds like you might have been turned down for the deal you applied for and were given a different deal.

 

You need to be careful of morgage deals that offer deals such as, money back offers as they tie you in for a period of time meaning that if you change again within that period you have to pay back some or all of the money.

 

Take a walk down you high street and speak to at least two other brokers and tell them the story, if they say they can help then play them off against each other. Remember they only make money if you go through them, so you can get them running in circles to do as much as they can for that signature.

 

Like I said beware of deals and discounts, stear clear of redemption periods and watch for changing interest rates as they can cripple you as and when they suddenly rise.

StellaZ,

I am a mortgage adviser and IFA (independent financial adviser).

I can see 3 potential issues here.

1. It sounds like there was some issue when remortgaging that may have meant you couldn't get the new deal that would have given you another £6k. If this is the case it should have been spelt out to you.

2. You signed the application form which would have detailed the type of mortgage you were going for. It is important to should make sure you read everything thouroughly before signing.

3. If there was no problem in the remortgage process and you had told him you wanted the £6k, the broker may have sold you the wrong mortgage, in which case you can complain to him direct. You will be covered under the FSCS (financial services compensation scheme). It is the mortgage adviser's job to know your situation and recommend the best product available.

 

HTH

 

I don't trust them or independent financial advisors. Ultimately they just want to make money and don't give a shit about the customer.

 

I'm hurt. LOL

StellaZ,

I am a mortgage adviser and IFA (independent financial adviser).

I can see 3 potential issues here.

1. It sounds like there was some issue when remortgaging that may have meant you couldn't get the new deal that would have given you another £6k. If this is the case it should have been spelt out to you.

2. You signed the application form which would have detailed the type of mortgage you were going for. It is important to should make sure you read everything thouroughly before signing.

3. If there was no problem in the remortgage process and you had told him you wanted the £6k, the broker may have sold you the wrong mortgage, in which case you can complain to him direct. You will be covered under the FSCS (financial services compensation scheme). It is the mortgage adviser's job to know your situation and recommend the best product available.

 

HTH

 

 

 

I'm hurt. LOL

cheers bud will have a word with him on monday and let you know what happened

we were told that i could get the extra 6k on my mortgage and was half wya through it then there was a complication with the land registry, the solicitor who first done my mortgage hadnt put it in my name (6 months ago)

 

then all of a sudden it was completed and there was no money

 

if push comes to shove, could i remortgage again so soon and get the 6k i need or is there a time limit to when i can remorgage again

 

actually i say remortgage all i have done is changed my mortgage for a better rate (variable not fixed)