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Mortgage Brokers

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  • Mortgage Brokers

    Mortgages really need a shake up. I don’t believe brokers are regulated enough. It is so easy to get an agreement in principal. However an agreement in principle is a far cry from actual lending.

    Mortgage Brokers can exploit this to get a sizeable non-refundable fee from customers. Only later to tell them later that the lender has questioned this or that and hence has refused to lend.

    Brokers can then proceed looking for another lender using up valuable time getting another AIP then a few weeks down the line refusing lending based on case specifics.

    Brokers can then say they have worked hard in searching for a mortgage and that a refund of fee is out of the question.

    mortgage customers are so vulnerable as they are so built up about moving, they really do not want to believe the news that they can not afford such and such. Mortgage brokers exploit at will.

    i have finally got the ombudsman involved in my case. I am an agency worker. I was not told at the outset that 52 wage slips will be needed. I was only a couple of months into employment when our mortgage broker took us for a ride. Six months have passed and the broker has basically had us collecting wage slips for her telling us it’s still not enough each time. We have have no less than 4 fall throughs, sold our house after numerous viewings. Imagine the leg work the broker has had us doing when even now six months on we still do not qualify for the mortgage promised.

    i know there are more people out there that will fall victim to mortgage broker fees.