Hello
The FOS (Financial Ombudsman Service) has refused to consider our complaint of severe negligence by the mortgage adviser that has caused us to lose a deposit on a new-build BTL. What are our options at this stage? Since the FOS is not going to consider our case, is the only option to go down the legal route?
Background : I have read, and I understand BTL is an unregulated product, so arranging BTL lending is also not covered by the FCA and the FOS complaint procedure. But when we approached the adviser, they asked us to approach the FOS. Also, it seems completely unfair and incorrect that business, portfolio or individual landlords have absolutely no recourse or protection from mistakes committed by the mortgage adviser. In our case they submitted our application very late, did not inform us that they didn't have access to a wide panel of lenders or could help provide bridging finance, and kept losing our documents.
Appreciate your help.
Many thanks
Khushal
The FOS (Financial Ombudsman Service) has refused to consider our complaint of severe negligence by the mortgage adviser that has caused us to lose a deposit on a new-build BTL. What are our options at this stage? Since the FOS is not going to consider our case, is the only option to go down the legal route?
Background : I have read, and I understand BTL is an unregulated product, so arranging BTL lending is also not covered by the FCA and the FOS complaint procedure. But when we approached the adviser, they asked us to approach the FOS. Also, it seems completely unfair and incorrect that business, portfolio or individual landlords have absolutely no recourse or protection from mistakes committed by the mortgage adviser. In our case they submitted our application very late, did not inform us that they didn't have access to a wide panel of lenders or could help provide bridging finance, and kept losing our documents.
Appreciate your help.
Many thanks
Khushal
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