Woolwich withdrawing rate mid offer?

kaysmith87

Hi

I went to complete on a new flat on Friday and the mortgage lender said that although my mortgage ofer ws valid until the 27th November 2008 my rate expired the end of june. I had extended this offer.

Nowhere in the offer does it state i have to complete my a certain date to get this rate?

Has anyone come across this and still gotthem to hounour the rate.

its 6.49% but i idnt pay a reservation fee, I extended the offer in may as tghe property was not reasdy ( shared ownership)

happybroker

i've come across this quite a few times and have seen them honour it only once or twice.

you need to speak to who ever organised the mortgage for you and go completely balistic I'm afraid.

kaysmith87

Can they refuse to honour it if its not been put in writting to me?

If so is it possible to have svr for a new mortgage then re-mortgage elsewhere?

I was sadly quite niave and went for an internet broker so they are not the most helpful or easiest to get hold of.

happybroker

they can refuse and do unfortunately. I know it's of no help but your broker should have been aware that the rate was lapsing and done something about it.

you can complete on a product with no tie in but you will incurr costs in remortgaging. Some lenders have a minimum period you have to wait before they will offer a new mortgage also.

To be fair to the Woolwich, and I know the paperwork isn't too clear, this should have been sorted by your broker so they're not really to blame.