help needed - unsure of what to do

slw011

Hi

I am hoping you can help me and I have posted this on the right place! I am looking for advice as to whether or not I have the right to complain at my bank. I received notification (whilst in doing regular banking) in November that my fixed rate mortgage was ending in February 2011 and was asked whether I wanted an appointment with a mortgage adviser. The mortgage adviser I spoke with reiterated that my fixed rate was ending in Feb 2011 and i had an option to then go onto standard variable rate from that point (this would save us a significant amount of money on mortgage payments.)

I went into the bank this week as our payments had not reduced as I was informed they would do, and when I spoke with another mortgage adviser he informed me that in fact my fixed rate did not end until 2013 and I could have the option of re-fixing my current deal to another but not go onto standard variable rate, as I was told by the previous mortgage adviser. I left the bank on Tuesday and he told me he would look into my case and the fine print and see if there is any flexibility with the mortgage deal I am on and cal me back (which he hasn't).

What I would like to know is do I have the right to complain if the bank gets back to me and says there is nothing they can do? The initial women I spoke with gave me my projected mortgage costs based on the SVR on a piece of paper (which i cannot find) although there is no record of our mortgage review on the system. The mortgage is with the Halifax.

Thanks in advance for all your help!

Aberdeen_3

What does your own mortgage paperwork tell you re. when your fix rate period ends?

WellKnownSid

Given that you don't know when your fixed rate is due to end, and furthermore have lost the only piece of paper that might suggest that the bank has given some poor advice, I don't think you have any chance. The chances are the bank just incorrectly diarised a follow-up, then the adviser never correctly checked / updated your file.

It'll come down to the mortgage offer you originally signed - forget the bank "looking at the fine print", why would they? Given that the branch mortgage advisor clearly doesn't know the fine print of their own products, they're not suddenly going to put on their lawyer's hat and start picking holes in their own t's and c's... all they'll do is find a way to sell you another product!

Just get your mortgage paperwork out and read it yourself, it should explain everything pretty clearly without any fine print.

kingstreet

Your key facts illustration and mortgage offer will confirm the end date of your fix and the rate your mortgage reverts to, whether standard variable rate or something different.

Conrad

slw011 wrote: »

What I would like to know is do I have the right to complain if the bank gets back to me and says there is nothing they can do?

Anyone has a right to complain but that doesn't mean you have a validty to actualy claim any reconpence.

What have you actualy lost in monetary terms?

It's always up to you to know the terms of your original mortgage, and the fact staff may have got crossed wires about a date is neither here nor there. Doctors and nurses make all sorts of silly errors in my experience but unless I am made ill by them I have no claim to make.

I 100% guarantee we all make mistakes day to day in our jobs, you included, but that does not give every Tom a right to comepnsation.