New Mortgage Problem

Sparkles11

I have recently taken out a mortgage on my own. I used the allowance from the exisiting mortgage as ex husband was not buying but renting and had a top up mortgage at a new but higher rate. After applying for this I applied for a further £5000 as as luck would have it my much beloved car died and so needed a new one. I was originally refused but the we moved the goalposts as this extra £5000 took me to 75% borrowing. Therefore a higher interest rate kicked in. After the house was paid for, the excess amount was paid into my account. It was £5000 less than I was expecting. When I queried it my mortgage adviser who I have to say had been exemplary so far discovered that my mortgage repayments had been set at the higher rate interest but that they had not given me the £5000. I have since written to Barclays, Woolwich and my solicitor as no one seems to want take responsibilty or help me rectify this mistake. I have told them am prepared to take this to the banking ombudsman if necessary. I am completely new to all of this as like most women left all the wheeling and dealing to husband. It's been a steep learning curve. Any suggestions would be gratefully appreciated.

Thrugelmir

the excess amount was paid into my account.

Would appear that a cost was not allowed for in your calculations.

no one seems to want take responsibilty or help me rectify this mistake. I have told them am prepared to take this to the banking ombudsman if necessary

I doubt that anyone has made a mistake but you. As you signed the mortgage offer. So if there's insufficient funds its down to you.

Sparkles11

The bank have not given me the extra funding which took me up into a higher percentage bracket than the original mortgage quote but are still charging that interest rate...How is this my mistake?? My local branch have now put in a formal complaint so surely this means that there has been a bank error at the mortgage lending centre? Did the solicitor not have a duty of care too?? As a first time buyer so to speak I placed my trust in the professionals who in my opinion have been have been less than diligent. Just wanted to try and find out is there anything else I should be doing.

Thrugelmir

Sparkles11 wrote: »

The bank have not given me the extra funding which took me up into a higher percentage bracket than the original mortgage quote

You presumably read and signed a mortgage offer which stated the amount to be advanced?

A quote is not an offer.

Sparkles11

Yes I did....but that still doesn't mean that they can be charging the higher rate interest as the amount forwarded is not in that bracket...