Mortgage withdrawn on day of completion...

RabbitMad

OP any chance of an update

rizla01

Personally I would involve the newspapers in this.

As this is a current issue it would be VERY newsworthy. It is the sort of story that newspapers would PAY for.

I would contact a few of the leading papers (Mail, Etc) and offer them the story but also to let B&W know of your intent.

This could persuade them to change tack or you could earn a few bob out of it.

You MIGHT even get an alternative mortgage offer from another B/Soc, provided the same newspaper were to publish that fact also. (Free publicity for the competition).

Personally, I can't think of a worse situation and as a previous poster mentioned, if this became common knowledge it would badly harm the housing market, further.

Not much use, I'm afraid, but be assured, you have everyones sympathy.

LucyJT_2

RabbitMad wrote: »

OP any chance of an update

Yeah - We've managed to get a mortgage through C&G. My dad has had to come on as a guarantor and my parents have lent us an extra 5% deposit so that we can now get a 90% mortgage. The survey has been done and everything and the mortgage approved, so just waiting now for all the forms to be signed and money to be transferred.

Our vendors are being flexible as they seem to think it's better to try and get this sale completed than start all over again by putting it back on the market. We are trying to sort it out as quickly as possible because we are having to pay £54 a day penalty interest for not completing on the agreed day. We should hopefully be in our new place and out of my parents house by the middle of next week.

We have had a final statement through from Bristol and West (Bank of Ireland) complaints dept who believe they have done nothing wrong. Now that we have this final statement through we can go to the financial ombudsman service and try to claim back some of our costs, which run into thousands when you take into account: penalty interest, storage costs for our belongings, cattery fees for our cats, petrol costs for the extra 50 miles a day we are travelling to and from my parents, the costs of getting a new mortgage (survey costs, arrangements fees, broker fees, etc) etc etc as well as the money that my parents have stumped up...

lotto-dreamer

Thanks for the update Lucy. Glad you are getting sorted.

What an ordeal for you - and your sellers. It's certainly a cautionary tale for these times. I've never heard of this happening before (my work involves conveyancing).

as someone suggested above, this is possibly something the press could find of great interest - it could potentially happen to others with disastrous consequences - you were very lucky to have the back up you've had.

I hope you will be happily settled in your new home soon and this will become a distant memory.

hethmar

Good luck. I think Money Mail would love this story - contact them once you feel secure in your current situation.

JayZed

Lucy, just seen this thread, glad that things are getting sorted at last. From everything you've said, it sounds as though B&W's treatment of you was absolutely disgraceful. I agree that you should seriously consider approaching the press with your story - not least because it might shame B&W into a goodwill gesture to make good the losses you've suffered. If you decide to do this you should approach a range of the broadsheet and blue-top Money sections - one of them is bound to pick it up.

It doesn't seem that B&W has actually broken the terms of any agreement with you; on the other hand they are required to treat you fairly, which they patently haven't. You certainly have nothing to lose by pursuing the complaint with the ombudsman - make sure you have documentation of all the costs you've incurred (including the additional costs of the mortgage you've taken out with C&G). Don't expect a speedy response from the ombudsman, though - even six months is pretty optimistic.

rizla01

Hey Lucy.

i am SO pleased that a catastrophie has been averted and that you are able to proceed at last.

I expect that you will REALLY appreciate your new home more than you would have done before, as a consequence.

You have really worked hard to achieve this dream and you deserve it.

Good luck in your new home (Fingers crossed):)

Dan_1976

rizla01 wrote: »

Personally I would involve the newspapers in this.

As this is a current issue it would be VERY newsworthy. It is the sort of story that newspapers would PAY for.

I would contact a few of the leading papers (Mail, Etc) and offer them the story but also to let B&W know of your intent.

This could persuade them to change tack or you could earn a few bob out of it.

You MIGHT even get an alternative mortgage offer from another B/Soc, provided the same newspaper were to publish that fact also. (Free publicity for the competition).

Personally, I can't think of a worse situation and as a previous poster mentioned, if this became common knowledge it would badly harm the housing market, further.

Not much use, I'm afraid, but be assured, you have everyones sympathy.

Just what we need more rubbish from the press, they have done enough to our financial services, along with the FSA, Government, Public and the greedy city *ankers I mean Bankers we have been taken to the edge. Any lender is entitled to withdraw an offer at any stage. They have done nothing wrong.

Remember Northern Rock may be here now, they may have been a little careless, but they applied for a loan from the Bank of England, just like many lenders before and after, the press got hold of it and bang!!

Incisor

Dan_1976 wrote: »

Just what we need more rubbish from the press, they have done enough to our financial services, along with the FSA, Government, Public and the greedy city *ankers I mean Bankers we have been taken to the edge. Any lender is entitled to withdraw an offer at any stage. They have done nothing wrong.

Remember Northern Rock may be here now, they may have been a little careless, but they applied for a loan from the Bank of England, just like many lenders before and after, the press got hold of it and bang!!

Thankyou Dan_1976 for this bit of nonsense. To your way of thinking, there is nothing wrong with a lender allowing someone to exchange contracts, then pull the mortgage offer and leave them liable for £54/day penalties, plus storage and transportation costs, plus the disruption to the people they were buying from and no doubt to others up the chain. It says more about your values than it does about the OP's situation.

Ian_Griffiths_Halifax

I think there needs to be a change to the laws, protecting everybody within the transaction. If contracts are exchanged obliging the seller to sell and the buyer to buy, then the lender should lend. They could have pulled out before the buyer was committed but they didn't.

This is scandalous.