TMW’s head office audits are unfair on its borrowers

’You always want the best possible deal for your client but we believe the best possible service is just as important.’

This is the opening line of a service update email I received from The Mortgage Works on February 11.

Can this be the same lender that charged my client a valuation fee, went to offer and then cancelled the deal after a head office audit without any explanation?

I am aware that cases can be declined but should they be declined with losses being incurred by clients who have no idea why this has happened?

This must be in breach of Treating Customers Fairly guidelines but no matter what I say or do TMW will not refund the fee nor give an explanation.

My client cannot proceed with another mortgage or loan until this is resolved. It’s a buy-to-let deal and the FSA doesn’t want to know because it’s not regulated but TMW’s head office auditing encompasses all the mortgages it offers, so it should concern the regulator.

My client was credit searched twice, got an approval in principle then went to full application. If an audit is necessary, surely it should be undertaken before the valuation.

My advice is simple – don’t allow TMW to take a valuation fee from a client until it confirms there will not be a head office audit on the case.