Mortgage Offer Has Been Messed Up - Nearing Completion!!!

pan111

We've been buying a house and had an Mortgage offer via a broker on 2/1/2007 of £97,465 (95% LTV) with 5.15% fixed interest for 5 years. I sent off all our personal details and money for the Valuation way back then (3/1/2007)

...all going well so far...

Today, after the valuation has now been done and paid for...and the searches paid for and almost completed...Completion is now in sight. ...Today Ive had a confirmation letter from the Mortgage company involved with different LTV and interest rate!!!

The confirmed offer is 90% LTV and 5.48% for 5 years!!!

Unfortunatley I arrived home from work too late this evening to be able to catch the broker, to ask him what the hell is goin on!

Where do I stand on this please?!? What do I say to the broker first thing in the morning?? Help!

danjberry

just ask him why is this rate and LTV on the offer when was not the product discussed and agreed upon by you. in may just be an error from the lender accidebtly inputting the wrong product, rather then the broker putting you in for the wrong product, and another offer can be hopefully printed off for you tomorrow. then ask to fax it over to your solicitor to save time.

pan111

I hope so...theres no way in hell Im going to be able to afford 10% deposit or be happy with the extra .5%

Ive emailed him now, and told him to ring me first thing. Will I sleep...doubtful!

pan111

...an update on this...the broker claims that due to the timescale involved in arranging everything, the offer will now have to be with the new latest interest rate...

Surely it wouldnt have take 6 weeks from the time I sent the cheque for the valuation, until it was done this week? ...Im thinking that the broker has sat on my cheque for some reason for all this time?

The mortgage company are now giving us the original 95% LTV though which is something I suppose

Im not impressed...Im going to ring the mortgage company directly tomorrow to find out when they received the cheque, just in case

toonfish

the valuation date is irellevant really, you need to find out the date they recieved the mortgage application and when the rates changed.

Rick62

The mortgage would have been secured when you first applied, your brokers comment about timescales does not sound right. If you applied 6 weeks ago whenm the product was available then the lender should still be holding it for you. It sounds like either the lender, or more likely the broker, have made a mistake.

herbiesjp

Your deal should have been booked as soon as the application was received 6 weeks ago

Something definitely not quite right here