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Arrgh - delayed on proceeding with mortgage, now rate has gone up :(

Rather_Confused
Rather_Confused Posts: 15 Forumite
Eighth Anniversary 10 Posts Photogenic Combo Breaker
in Mortgages & endowments
Just want to post to vent...

Got a mortgage quote in mid-May for a five year fixed term at 3.34%. Loads of stuff has happened in my life recently, so didn't have a chance to phone the Mortgage Adviser back to tell him I'd like to proceed until today. So phoned up only to be told that the rate went up to 3.64%(!!!) today :mad:

I suppose it is Friday 13th, but really, a 0.3% increase overnight???

And I'm loathe to have to start again as all the phone interviews took about 3 hours in total, and I just don't have the time or energy to go through it again.

Comments

  • ACG
    ACG Posts: 24,865 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you went to see an actual broker, it does not take anywhere near 3 hours to go through the process (for you).
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Rather_Confused
    Rather_Confused Posts: 15 Forumite
    Eighth Anniversary 10 Posts Photogenic Combo Breaker
    ACG wrote: »
    If you went to see an actual broker, it does not take anywhere near 3 hours to go through the process (for you).

    It was done on the phone rather than a branch visit as there is no mortgage adviser at the local branch. I had a 45 minute conversation with someone at the local branch who took details then told me to arrange to speak to the broker at another branch. I had to have a half hour conversation with him for him to tell me what he needed me to provide for the conversation about getting quote.

    I then had a 1 hour and 20 minute conversation with him to get all the details filled in. He then made me wait around as he had to get some confirmation and needed to phone me back. Waited 30 minutes for the phone call and then had another half an hour on the phone. So yes it did take 3 hours+ thanks.
  • amnblog
    amnblog Posts: 12,781 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Bill them for your time.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • RickyC_IFSWP
    RickyC_IFSWP Posts: 203 Forumite
    Rather_Confused wrote: »
    Just want to post to vent...

    Got a mortgage quote in mid-May for a five year fixed term at 3.34%. Loads of stuff has happened in my life recently, so didn't have a chance to phone the Mortgage Adviser back to tell him I'd like to proceed until today. So phoned up only to be told that the rate went up to 3.64%(!!!) today :mad:

    I suppose it is Friday 13th, but really, a 0.3% increase overnight???

    And I'm loathe to have to start again as all the phone interviews took about 3 hours in total, and I just don't have the time or energy to go through it again.

    Mortgage rates change very frequently as products are withdrawn and new ones added. I get e-mails from providers a few times a week.

    Since the mortgage adviser you spoke to already has your details, I can't imagine it would take him anywhere near as long to process a new application by transferring information across. I'm sure it'll take less time than you think it would (unless he/she is really incompetent). All the best.
    "If you will change, everything will change for you." - Jim Rohn

    I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.
  • ACG
    ACG Posts: 24,865 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I think you misunderstood what I said. Im not doubting it took 3 hours + with a bank.

    What im saying is if you went to see an actual mortgage advisor (not a bank advisor) it would take nowhere near that.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Rather_Confused
    Rather_Confused Posts: 15 Forumite
    Eighth Anniversary 10 Posts Photogenic Combo Breaker
    ACG wrote: »
    I think you misunderstood what I said. Im not doubting it took 3 hours + with a bank.

    What im saying is if you went to see an actual mortgage advisor (not a bank advisor) it would take nowhere near that.

    Oh, OK, sorry, I misunderstood what you meant.

    I'm considering a broker now, but not sure how to go about finding a good one where I live.
  • Rather_Confused
    Rather_Confused Posts: 15 Forumite
    Eighth Anniversary 10 Posts Photogenic Combo Breaker
    RickyC_IFSWP wrote: »
    Mortgage rates change very frequently as products are withdrawn and new ones added. I get e-mails from providers a few times a week.

    Since the mortgage adviser you spoke to already has your details, I can't imagine it would take him anywhere near as long to process a new application by transferring information across. I'm sure it'll take less time than you think it would (unless he/she is really incompetent). All the best.

    Thanks! I'm sure it won't take as long, but I'm wondering if I should now be looking for a different deal as the rate has gone up.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Rather_Confused wrote: »
    I suppose it is Friday 13th, but really, a 0.3% increase overnight???

    Market reaction to Mark Carney's comments last night.
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