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Mortgage Fees

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I recently applied for a remortgage through Alexander Hall, they offered a deal to me claiming that it is exclusive to them, for this they charged me 250 pounds, the following day i found out that the product was open to the entire market and not exclusively through Alexander Hall as suggested by their adviser. I decided to cancel the application the following day, they accepted to cancel but refused to refund me claiming that it is an adminstrative cost and that it is part of their terms of business that i signed to when i filled the application forms. They told me that if i am not happy i can complain to the financial ombudsman, can i sue alexander hall for misinformong me and misadvertising a product as exclusive on their website and charging me a huge admin fee?

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If they claimed the product was exclusive to them, then they have misrepresented themselves. Do they have their own internal complaints procedure? I ask this as I am sure that if you complain to the FSA that they won't take any action unless you have exhausted the companies own complaints procedure.

 

On the subject of fees charged by brokers, there are plenty out there who won't charge a fee. They are normally getting a nice cut from the bank/building society who provide the new mortgage, so those who are charging a fee to the client on top are being greedy.

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Thanks for your reply. I did go through their internal complaint prodecure but they claimed that exclusive does not mean that it is unique to AHall which I find hard to believe. Also, i don't think the fee justifies the serivice they provided. I only meet an adviser for 15 minutes and was told that if the application was unsuccessful i would get a refund. I did't get to the stage to submit the application to the lender. However, in their terms of business they state that if for any reason the application is not fails apart from being declined by the lender they will not refund the fee. I wonder wether i can sue them for mispresentation and proportionaly high processing costs a bit like high banking fees, I believe pursuing the cliam through the financial ombudsman would be ineffective.

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I would be looking to take the small claims court route personally. They have claimed the product was exclusive to them which it clearly wasn't. Get the evidence that the product was available elsewhere and then write a letter before action, stating that they mislead you and that you want a full refund of the fee. If they don't, then you will take them to small claims which will obviously incur extra costs for them. And good luck:)

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