Mortgage over subscibed...

£worries

A month ago I applied for a mortgage and was accepted, I paid the product fee within the 5 working days state. However, this morning I received a letter saying that my application has not progressed sufficiently to secure it as it was "largely over subscibed"!
How can they do this? And is there anything that I can do about it?

Locoblade

Who's the lender?

hostman

Who's the lender?

My own mortgage application was accepted two weeks ago, in total the application was completed about two months ago. Hopefully completing the purchase end of October. I hope my lender don't try and pull a fast one like yours has.

£worries

Yorkshire Building Society...

sdooley

did they cash your cheque?

£worries

Yes, i've got a receipt for the product fee the day i took it to the branch 20/09!

Within the letter the branch manager sent, it says that he has appealed to their mortgage & savings development dept to see if they can reactivate the product but they've declined the request...
the letter didn't mention refunding the money but I assume they will if we don't opt for one of the current rates available-6.19% now, compared to 5.89%!

sdooley

You may not need to apply for the refund - they may not have cashed the cheque yet - even if you got a receipt.

If they have cashed the cheque good luck getting your money back - Derbyshire outright refused me £250 fee refund (in slightly different circumstances though - oddities on the valuation of the property I was going for - value was ok but they pulled out on some odd wording in the survey re location and resale).

Dan_1976

Depending on the KFI (quote) they may keep your money they may not. If it is a non-refundable application fee then they can keep it, however you will or may find that most lenders will refund the fee if it is they that cancel the mortgage app.

I am sure you will be fine, they are a fair lender.