Mortgage Advisor telling us we have to pay more!!!

markdesign

Can anybody please offer us some advice? we got a mortgage arrangement with the Halifax for a house we liked in December we proceeded with the sale until right at the end the deal fell through!!

As luck would have it an other house accross the road as become available at the same price nearly, so we were overjoyed so we contacted the mortgage advisor and asked if we could transfer the name onto this property and all seemed to be going fine, my wife on Friday just called them to arrange a survey with them and the NEW operator told us that the mortgage rate was no longer available!! and we had to go on the new rate of 4.99% we had a deal on 4.39% fixed for 2 years which they said was available until the end of March, so we thoought we would still be on this rate, the difference is an extra £165

So I suppose what I am asking is are Mortage agreements transferable to different propertys!!

As I say the advisor did say it was fine and it would be just a matter of changing the name of the property, then when we spoke to this new advisor he says not, so we a bit confused can anybody help us we have to ring up in the morning with a decision and we just wanted as much information as possible and wondering if we were not being scammed!!

Thanks
Mark

dunstonh

Deals usually need to be advanced within a certain timeframe. If the funds are not advanced before the deal runs out, then you have to look to use another deal.

So, whilst your application could have been ported to a new property, if you didnt get the mortgaged advanced by the end of the deal, it times out.

markdesign

Thanks our offer is valid from december 06 to 31st march 07 so do you think something odd is going on?

silvercar

sounds like the first application was restricted to that property. Once that sale fell through it would be considered a new application.

I had to pay a second arrangement fee when my first house purchase fell through.

dunstonh

Was the mortgage arranged through the Halifax directly or did you go through a mortgage broker?

markdesign

We actually went with a broker (mortgage talk)

jamesd

When is closing on the new property? It appears that you have the end of March as the latest permitted closing day on the original deal.

markdesign

Yes this was our understanding, that we had until the end of March to secure that deal to any property, which the broker agreed its only since this other guy who works for the same company as got involved telling us that the product we took out is no longer on the shelf as was only available on that the first property, he said we should of taken out a £1500 fee to secure it, my argument was what is the point of having it available for the 3 months, I am sure it's not right!! sounds to me that they are just trying to get another £165 a month out of us, or is it just me being naive??

jennifernil

Did you pay any arrangement fee to the Halifax? Most mortgages seem to carry arrangement fees these days. If you didn't pay it then you probably didn't have the rate secured.

jamesd

It sounds as though the second person did not consider the expiration date of the mortgage offer you currently had but was instead treating you as if you were a new customer seeking that old deal.

I suggest that you verify the details with the mortgage lender, confirming the last possible closing date of your existing offer.

danjberry

it will depend on the lender im afraid. if they provide a mortgage offer that expires at the end of march, and that property falls through then they do not have to provide you with the same rate. This is because when they provide you with a new offer for the new proeprty it is valid for another 3 months when the rate may have already been pulled. Most lenders have a one liner on their web pages saying the rates can be pulled at any time. Ask tge broker to speak to the lender and someone there may allow you to have the product but it is not a guarantee