Periode between 2 mortgage

gaetss

Hi everybody,

Our mortgage is due to renewal at the end of March 2007. We thought that we were taking care of it in advance when we started looking in February, however when we phone our current lender (Portman) they told us we only had until the 28th of February to apply for a re-mortgage with them, and that the closing date was the 14th of March for the paper to be sent back to them. If we met these conditions we would be able to remortgage without going onto their variable rate currently 7.24%.

After looking around we decided to use the Portman again as they were one of the cheapest for us. We contacted them on the 28th of February and applied for the mortgage. They told us that we should receive the papers by the 10th of March or we should contact them. Obviously we did not receive them so we contacted them. The answer was we are sorry but the department that deals with this is closed, call later.

We are now later, and still don't have the papers so obviously we won't be able to meet the deadline of the 14th of March.

Is there anything we could do now to make sure we don't go on their 7.24% rate, but get the rate we want the day our current mortgage finishes?

If not can we ask for the money back that they are going to charge us for the number of days we are on this rate?

G.

david29dpo

firstly, your mortgage is not "due" for renewal as such, you dont have to do anything, but as you say, you will go on to there standard rate if you do nothing. it does sound a bit slow, i did this with the nottingham and switched in a little over a week. i think all you can do is complain about the speed, or lack of it, telling them you will take your custom elsewhere if this is not done very soon. however, going on there standard rate for a few days will be a LOT better then leaving. nothing stopping you asking for the difference back, but good luck on that one!