What is a "drop down date" and/or "drop down rate"

boringoltennis

Thank you very much HelpWhereICan, your comments are very helpful. I should point out that my broker works for Charcol and they are not working in an advisory capacity - just trying to progress a self selected online product. It has been a little frustrating as I would have much preferred to be dealing directly with Lloyds TSB Scotland. It may even be that this indirect communication contributed to the problem last week when we were offered an extension that was then withdrawn a week later.

Regarding the bridging finance I suppose that it is quite likely that they will not even honour the current offer - since the product has been withdrawn months ago. I'll check this on Monday before we decide what to do next.

The problem with going to another lender is that there has been a complication regarding the property boundary. We eventually managed to resolve this to the banks satisfaction but it took ages to sort out (and we lost our sale during the delays). I am not sure if I can face going through it all again! But on the other hand, I do not fancy the Lloyds arrangement fees.

HelpWhereIcan

boringoltennis wrote: »

Thank you very much HelpWhereICan, your comments are very helpful. I should point out that my broker works for Charcol and they are not working in an advisory capacity - just trying to progress a self selected online product. It has been a little frustrating as I would have much preferred to be dealing directly with Lloyds TSB Scotland. It may even be that this indirect communication contributed to the problem last week when we were offered an extension that was then withdrawn a week later.

OK, that explains it. An advised service should be looking at your options for you, an execution only one will only carry out your instructions.

boringoltennis wrote: »

Regarding the bridging finance I suppose that it is quite likely that they will not even honour the current offer - since the product has been withdrawn months ago. I'll check this on Monday before we decide what to do next.

I would not see that as a problem. If your offer is valid until 29th July they should honour it as long as you complete before then (unless they become aware of a change in your circumstances or the property's valuation).

boringoltennis wrote: »

The problem with going to another lender is that there has been a complication regarding the property boundary. We eventually managed to resolve this to the banks satisfaction but it took ages to sort out (and we lost our sale during the delays). I am not sure if I can face going through it all again! But on the other hand, I do not fancy the Lloyds arrangement fees.

A good argument for sticking with them really - a lender's policy in a given situation is more important in some cases than the deal on offer.

C&G are not that bad, worth looking around but make sure you check your alternative lender's policy on this 'complication' before you submit an application. Otherwise you face many wasted weeks taking into account the appalling service most lenders are giving these days.

boringoltennis

Thanks for your help everyone. I have written a letter to Lloyds TSB Scotland complaining about the confused communication and seeking a review of the decision to decline an extension on my mortgage offer. I'll let you know what happens!

boringoltennis

The very nice manager at Lloyds TSB Scotland who dealt with my complaint was very helpful and after a few emails and telephone calls he agreed to extend the original offer for 60 days!!! :j :j :j :j
We only needed a few days as we completed and moved on 8 August.
Many thanks LTSB.
God is good!