My word against Mortgage Advisor?

phoward_uk

JimmyTheWig wrote: »

Are they prepared to add the amount you want to "draw down" onto the mortgage at the same terms as the mortgage loan you currently have?

If the money doesn't exist then they won't give it to you, but the above may be at least possible and would give you the same result...

No - I wouldn't have cause for complaint. They will lend me more - but with a £600 fee. I will not pay them more money for what is there mistake. Who would?

VIGILANT22

and then what happened?

VIGILANT22

What happened to the existing mortgage you're tied into?

phoward_uk

VIGILANT22 wrote: »

If this was only a further advance, why are the facilities of the main mortgage no longer there? and what was the £50.00 fee for? what was closed. Have you remortgaged from yr old deal?

The mortgage advisor explained we would have two seperate accounts. Our existing mortagage and another for the additional borrowing. Which turned out to be completely wrong and is partly why I am in this mess.

I should have also pointed out my previous rate was 2.5% and my additional borrowing is 3.79%. So if I drew down the over payment I knew I could borrow the money back at 2.5%

phoward_uk

VIGILANT22 wrote: »

What happened to the existing mortgage you're tied into?

It run's along side the new borrowing. Under 1 new account and two different rates as explained in my previous post.

JA1000

I would pay the £600, seems small and insignificant compared to the loan. You implied it was also urgent. If you are having work done why waste the time.

No brainer. Just put it down as life's error, in 2012 talk with your feet and move it elsewhere.

SLAMMER_2

if you'd have done the application over the phone then you would have the security of being able to ask for the tapes.

Unfortunately, people forget this when they recommend 'go to an ifa'.

VIGILANT22

phoward_uk wrote: »

The mortgage advisor explained we would have two seperate accounts. Our existing mortagage and another for the additional borrowing. Which turned out to be completely wrong and is partly why I am in this mess.

I should have also pointed out my previous rate was 2.5% and my additional borrowing is 3.79%. So if I drew down the over payment I knew I could borrow the money back at 2.5%

But above is correct this is the way it should have been done
1. Yr main mortgage at 2.5%
2. Additional Borrowing at 3.79%

But where have the overpayments gone to account 1?

Account 1 Loan 30k @ 2.5% plus 10k in reserve
Account 2 Loan 60k @ 3.79%
Valuation of Property 250k

Is account 1 nationwide svr?

VIGILANT22

SLAMMER wrote: »

if you'd have done the application over the phone then you would have the security of being able to ask for the tapes.

Unfortunately, people forget this when they recommend 'go to an ifa'.

Where did the OP say he had gone to an IFA?

SLAMMER_2

he didn't, my apologies.

But he/she did the application face to face by the sounds of it, so same thing applies.