Wrong advice given-what can I do

iseethestrals

Hi all

I'm just here for a bit of a rant
My mortgage deal was up at end of Jan and my lender sent me a letter telling me my deal would move automatically onto a tracker of 0.99% above base rate.
I called my lender to discuss options and they told me the only deal around was 4.45 tie in.

I decided to call into my local mortgage advisor who I have previously used and he told me the rate onmy letter is no longer available and got me to sign into a new fixed deal.

I contacted lender again to clarify and they said the 0.99% was what had been agreed I would go onto when I signed original 3 year tie in and that becasue I have signed up in mortgage shop that there was nothing they could do.

So now I am paying 4.45 instead of the 1.99% I could of been paying.
I feel pretty let down that I went in for advise to help myself but if I had of just left it I would of ended up on a much much better deal.

Rant kinda over. Gemma

opinions4u

What did your original mortgage offer (or Key Facts Document) say would happen at the end of your deal?

When did you receive this letter saying you were entitled to base+0.99%?

Who is your lender?

If you have something official in writing, there may be strong grounds for a successful complaint.

iseethestrals

My lender is Barclays when I contacted them to confirm they said that my mortgage offer was to go onto .99 after the terms so I assume that is what my Key Facts Document is.
Letter saying base rate return to 0.99% received in November which is when I started shopping around.
I called to ask if I would not be better on .99% instead of the 4.45% before my mortgage deal was ending so assumed they could make changes.
They said the details were already being processed so no changes could be made

opinions4u

Gemma, I'm sat here thinking you've been wronged, but your explanation isn't totally clear.

How have you ended up on a 4.45% deal?

iseethestrals

Ended up on it as when i called barclays to ask what my option were they told me they only had 4.45 and when I took my letter showing I would automatically move onto .99% to mortgage advisor he told me that rate no longer available.

I really should have trusted the word 'automatically' changed onto .99% and not bothered seeking advice

Debt_Free_Chick

I think I've got this ....

Your fixed term deal was coming to an end
Barclays wrote to tell you this and to confirm that - as set out in the original offer letter - at the end of the fixed term you would go onto a rate which would be base rate +0.99%

You called Barclays and they said they had another fixed rate deal at 4.45%

You went to your mortgage adviser

He told you that the base rate +0.99% tracker was no longer available

On this basis, you let the mortgage adviser arrange the the fixed rate deal for you

So, you're now paying 4.45% with Barclays instead of 1.99% with Barclays


*******************************

Surely your mortgage adviser put something in writing .....?

Ian_Griffiths_Halifax

Is your Mortgage Adviser a Broker or the Mortgage Adviser at Barclays?

iseethestrals

Yes thats exactly it

MOrtgage advisor is a broker, prob my own fault for not knowing it was part of original deal. Am just really annoyed

maninthestreet

What was wrong with an offer of Base Rate + 0.99% that made you want to shop around??

Trollfever

Did the OP read the offer as BR+ 9.9%?

opinions4u

iseethestrals wrote: »

Yes thats exactly it

MOrtgage advisor is a broker, prob my own fault for not knowing it was part of original deal. Am just really annoyed

So you had a deal that was BofE + 0.99%.

You went to a broker and have ended up on a deal that is BofE + 3.45%.

Why has the broker done that? Is it a fixed 4.45% or is it a tracker?

You must know how/why the broker has recommended something different.

If not, you need to ask.

There is the potential for a claim against the broker for mis-selling, but you are not being clear about the difference between the mortgage products and how it has happened.