Annoyed

fivemice

First National is our only option for getting a mortgage (yes, been to broker, and yes it is the only option) and we got a MIP on the 19th Feb.

OH called them in the afternoon of 19th, and they advised us they were putting their prices up on 6th March.

The next day we check the First National website and they had already put their prices up two weeks early, and by 0.7% :eek: :eek:

I'm sure there is nothing we can do, but I am SO annoyed. If we had known they were going to do this, we would have offered on the property immediately and applied for a mortgage straight away too.

:mad: Why can't they just be honest

dunstonh

:mad: Why can't they just be honest

In what way have their not been?

One assumes it is a fixed rate you are looking at and not a variable. Fixed rates are often pulled before natural expiry. The lender will allocate so much money towards a deal and if the lend quicker than expected then they will pull the deal if they are unable to obtain new funding at the same rate.

First National also dont publish rate information on a comsumer website. Their website states intermediary only. You have to confirm you are an intermediary before you access the site. So if anything you havent been honest.

Also on that site for intermediaries is the following:
First National reserve the right to adjust fixed rate pricing at any time.

Also, last but not least:

These ranges (NPM0207 and FNM0207) replace NPM1106 and FNM1106. The deadline for pipeline

NPM1106 and FNM1106 cases is 6/3/07 for fully packaged and unpackaged cases to be submitted.

NPM1106 and FNM1106 criteria will apply to these.


So, they may still be available through the broker if you had gone far enough. Notice the date matches what you were told on the phone.