First time buyer mortgage - Bank offered a mortgage that was never avaliable!!!

pinkhearts_2

Ok, so we have had an offer accepted on a property. We are 1st time buyers with 15% deposit. The best rate we have found through banks, brokers e.t.c is a 2 Year fixed at 6.19% with a £995 fee.

I would like to add that 2 weeks ago a Bank offered us a variable rate with no fee and a 4.69% interest rate effective 1st December. We decided to go ahead and got offered the morgage, recieved all the certificates e.t.c and paid for a Valuation.

This week we had a call to say that the deal shouldn't have been offered to us as you now need 25% despost. And therefore now our mortgage is looking like another £160 a month and we are going to have to pay around £1000 in fees.

Does anyone know of any variable rates that might be worth looking at? We don't really want a fixed given the current base rate and they are all double base rate even with a 15% deposit.

The banks just don't want to lend to us 1st time buyers!!!!!!!!!!!!!!

happy_chick_3

That sucks! Seeing as they did offer it to you, are they not obliged to stick to that offer?

pinkhearts_2

No we had a look at all the documents, they all say it can be withdrawn at any time! Very angry, we are currently trying to get to Valuation fee back.

firesidemaid

i'd say aff the offer was their error and therefore you went ahead with the valuation based on that, i would def. push for the fee back.