Jump to content

HP Mum

Registered Users

Change your profile picture
  • Posts

    2,029
  • Joined

  • Last visited

  • Days Won

    1

HP Mum last won the day on December 5 2016

HP Mum had the most liked content!

Reputation

76 Excellent

Recent Profile Visitors

The recent visitors block is disabled and is not being shown to other users.

  1. HB -Yes - I want to assess how I make a claim v broker. I have found a letter I wrote to the broker which was entitled 'formal complaint'. What I havent found yet is their reply. If I can't find it then I will send in another SAR as advised above
  2. Hb - I have enough evidence to verify what broker did wrong Ae - I was told by friend broker that the broker ought to have been able with their experience to obtain a btl on low interest. That's the issue. Ought. But didnt Valuation - that's an interesting point. Borrowers have no choice but have to pay for the report. I'd used a firm before (for diff poss lender) and the broker/ lender advised to use same valuation firm. The valuer did not do another site visit. He rewrote an earlier one. He used the same valuation figure for writing the earlier report as a potential FH tenure but changed the tenure to LH (which is what the charge was to be for). That turned out to be an issue - as the next valuation the lender did post repo was 30% lower.
  3. the rental prohibition was because the broker added the 'exit strategy' was sale. He knew I wanted a btl. He rushed the bridge through and I agreed. It solved a pressing issue of possible repo from existing lender - but actually made the situation worse. The broker then abandoned me. No btl. Forced to sell. And just couldn't. Price? Had 1 offer in 1y. Had various interest in 2nd year - but no-one proceeded to exchange. Had firm commitment at good good price in 3rd year - but that fell away due to repo. The lender has failed to sell in the last 5y. They had an immediate opportunity - but chose to follow a different path - which has led to it still unsold after a further 5y+ (and a host of legal claims to boot)
  4. It was a debate with the broker at the time. the property was classed as a family home, with additional rental history - not business. In the year the broker found a btl lender at 2.49% I did have a tenant for some months and I was located - on/off - in a different part of the country for work and into the next year too - in company paid -for accommodation. With the increase of loan I would have had to full-time rent out the property and live elsewhere. But that was fine. (I had plans) The problem was that the broker put me with a bridge that prohibited rentals - so I couldn't rent/ had to sell. And then I had no income. Rules changed - to get a btl I needed a tenant in situ, but I couldn't because of the bridge. catch22. Broker was appointed to find a btl. He then passed me to a colleague to fix a bridge. I didn't want a bridge. Even when I was 'forced' to take the bridge I wanted broker to help me switch immediately to a btl. The trouble is that I then discovered lenders don't like to lend to someone on a bridge. And the broker avoided all my calls. I have records of this. For example, his work colleague told me he was out the office all day. Yet a kid was put straight through to the broker. Kid handed phone over to me and I was then able to speak (very awkward for broker). But he/ the firm still did nothing. The problem was that the bridge had created a barrier to any other lender and was monthly increasing the loan by a huge sum. Its been a disaster. I was forced to try to sell - and couldn't. The property was repossessed; the lender hasn't sold. That's >7y on a short-term bridge - for which the lender is still holding me accountable. The broker's t&cs showed they had 'advised me' - but they didn't follow the strict protocol to have been able to advise me. The broker filled in the application form on my behalf. I never saw it. He just emailed me the signature page. He did not carry out checks on my income or affordability etc. I had a lawyer who had handled the lease extension. I asked them to handle the refinance because I needed a lawyer. I think the focus of any potential complaint is about the lack of advice the broker gave when their paperwork stated they gave it. I do have legal issues with the lender's subsequent behaviour - but that is separate.
  5. Hi. Sorry for the misunderstanding I already owned the property - had done for a very long time. The refinance was tied into a s.42 extension. I had had an old very flexible and accommodating BTL loan - as in the bank lent btl money on a short lease property which had been empty for 2 decades+ and was dilapidated and which they knew couldn't be rented out for ages! The banks stopped loans like that a long time ago. Took a couple years to renovate whilst living on the building site. Then rented it to a family for a while whilst went away. Then moved back in and ad hoc rented it (enough to pay mortgage, bills, live well and pay the tax) / lived in it as a family home for well more than a decade. We stayed somewhere else for free when it was rented out/ or went traveling. The extension cost a lot more than expected. But I still wanted a btl and to keep it not sell it. Ltv was very low. The extension cost made it higher. But there was still tons of equity. The historic rentals proved it was a good rental property. The renowned professional broker should have been able to get me a btl. It was high value; a lovely property. I get I made mistakes. But I got royally screwed on the refinance. And everything kinda unraveled thereafter. When I look through the paperwork now in hindsight I am horrified at the amount of money I was charged by alleged professionals. It's all such a racket. (The extension process, the valuation, the broker - all money for old rope for these companies). In my defence my mistakes boiled down to losing my partner and being not right in the head for ages and ages. (This horrid repo process has also contributed to me not being right in the head - but I'm not blind anymore). I'm not sure what I want to do now? Or what I could even begin to hope for as a result? I just feel that I may well have an issue against the broker - because they didn't follow their industry strict protocol.
  6. I just checked the last email from them that I printed out. It was directing me to a link to files as part of a data SAR (which I never called my request; they did). The email says the link would expire in 3 months. Now my computer crashed later in 19. I lost a lot of info. I need to check storage for old hard-drives to see if I downloaded and saved whatever info was in the link. I have 1 other printed out email from my friend who was a broker. It was dated apx 6w after my first email to broker. Friend was telling me what to include in a letter to compliance dept. I don't have a printed copy of my letter - so can't remember if was entitled formal complaint - or their reply. Will check storage later. If I have anything useful I will post
  7. I just checked. I sent them a very simple email requesting specific docs. I didn't label my request as a SAR. they replied labelling my request for docs as a SAR. There were a few emails between us asking/ answering questions. They then sent a link to a more full response to my request for docs - probably anticipating a claim given they knew they'd not acted correctly. They did mention they considered that a final response. But I hadn't actually made a formal complaint per se. As said before - I got swept down a different path and haven't considered reverting to this (making formal complaint/ claim) until now I think there's a bit of splitting hairs by the broker. They treated my simple request for some docs as if it was a complaint - because they knew my gentle request was a precursor to a complaint. I did not label a letter as formal complaint. So would I be able to revert to new correspondence entitled 'formal complaint' ?
  8. Thanks hb. Will read Would it be best to re-contact broker even tho I did in 19?
  9. That's a good point. Is one tied in to one broker? Probably not. But I did get a specific email from this particular broker telling me not to use any other broker. Assume they all try the same lenders? This broker wanted the % fee. He gave some "explanations" - about 'hard searches' affecting credit score, that lenders would be confused if different brokers being used for same client... So I refrained from using other brokers
  10. HB - yes I agree it is about their paperwork and advice. I need to be clear in my head what my complaint is. And what a result looks like for me? (They should never have placed me with the shark with whom I've had all sorts of issues - but I don't think that's my complaint focus -v- broker)
  11. Aesmith - wanted a btl was placed with a bridge. The broker did no affordability check, no fact find, no income check, they filled in all the forms - just sent the signature page to sign. The question was/ is - with a high-paying short-term tenant in situ and a history of other high rentals should they have been able to secure a replacement btl? I'd had a btl for donkeys. The valuations were way off for the bridge. As was discovered down the line. HB - all sorts of issues have been in court; the main one re repo remains in court, no resolution. They all stem really from bad advice by broker.
  12. I need to keep this simple. To keep stress levels down. I'm still embroiled in other legal stuff. I seem to remember the friend broker saying I shouldnt have to issue a court claim - he thought I could lodge a claim to the Ombudsman? Is that a possible route? Without going down a possible 2y legal claim path
  13. So - do you mean 6y from when they organised the loan? Because that's more than 7y. Or is it 6y from when I was advised what they'd (most likely) done wrong? Because that's under 6y Or is it 3y from when I was advised what they'd (most likely) done wrong? Because the 3y expired start 22. I seriously wasn't happy but I didn't know they'd done anything seriously wrong/ unethical until a friend - who is a broker - had a look at all the papers in March 19. He then said I should send them a SAR. Which I did. Which is when/where they admitted some of the things they did wrong. If I can "do something" - what actually do I do? What would a "claim" to the FOS look like?
  14. What's the 3y rule? In terms of taking action and not doing so - is there a simple "I'm ignorant layperson" response?
×
×
  • Create New...