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Tracker mortgage signed and now refused - HELP!
bindi60
Posts: 10 Forumite
HI,
My partners mortgage was up for renewal and so visited the bank and did the necessary ammendments and was offered a tracker mortgage which he accepted and signed papers etc.. This was done on the saturday before the interest rates were cut on the monday.
2 weeks later the lender has basically said that this is not being offered anymoreand hence we cannot have the tracker mortgage.
Can they do this seeing as the papers were signed before the interest rate cuts were announced?????
Thanks
My partners mortgage was up for renewal and so visited the bank and did the necessary ammendments and was offered a tracker mortgage which he accepted and signed papers etc.. This was done on the saturday before the interest rates were cut on the monday.
2 weeks later the lender has basically said that this is not being offered anymoreand hence we cannot have the tracker mortgage.
Can they do this seeing as the papers were signed before the interest rate cuts were announced?????
Thanks
0
Comments
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You dont say who the lender (so there is the different processing models) But the the problem with these things is usually that the application has to be in at the lenders processing centre before the deals are pulled.
Saturday is not a working day so the application would have been sent off Monday and got there Tuesday. If the deal was pulled Monday then its too late. Its not the day the application is signed that matters. Its the day its in the processing dept that matters.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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