Mortgage product offered not in line of completion date

lockys96

I am a first time buyer and have been accepted on a new build shared ownership flat.

back in august i looked for rates, being new to everything i dont understand everything, this doesnt help when ure being sold something by a mortgage lender.

the new flat has always had an estimated completion date of feb 2012, i was offered a mortgage with a product that would expire dec31 2011 meaning from whats happened now is that it could never complete.

at the time they gave me a rate for shared ownership at 4.0% with a product fee of 995, then went onto say that they could actually offer me there first time buyer rates at 3.79 fixed 2 year with no fee. i kept saying i wouldnt move in til feb 2012, she said simple case of refresh rates.

to me this sounded good, i parted cash for their valuation fee of 315 as they wanted this up front even though the property was in construction.

now recently they called saying that not only can they now not offer me a first time buyer rate, as they decided to split and only offer me there new shared ownership rate of 4.89 with a product fee of 999,
i feel livid and feel mis sold a product even before even taking one out!

every other mortgage company is offering better deals than this company of the same rate 3.79 or even 3.49, some with free valuations and 250 towards legal fees as first time buyers.

some nice advise would have been, since your not moving until feb 2012, it would be better to call back, or we can call you back when we have a selection of products suitable for you, would have been nice,

where do i stand on this,

kingstreet

What we understand as advice is a completely different concept to most of the public. I provide advice. I'm accountable for that advice. If you went to a lender who stuck three quotes in front of you and said "pick one" that doesn't mean the same thing.

Most lenders have newbuild products with long completion dates that are at least three months longer than their normal products.

Worth noting, on shared ownership most lenders charge more and you cannot have their usual first time buyer deals.

Which lender, how much are you purchasing and how much deposit are you putting down?