Remortgage instructions not followed?

tali

In phone call i told London and Country in explicit instructions that " i will proceed with the 2.59% rate offered -unless a better deal comes along" .
10 days later i recieved email from them "Unfortunately I have been unable to contact you since I sent my mortgage recommendation. If you would still like to proceed, please get in touch when convenient – bear in mind that mortgage deals can be withdrawn at short notice."
When i contacted them i told them as per my phone instructions to proceed with the 2.59% rate .However , to my shock the 2.59% had gone ( okay ,email did generally warn of that it was obvious that the mortgage consulant had totally forgotten about my instructions) and they could only offer me 2.74%.Time was pressing and i just wanted to get deal tied up quickly
So given that my instructions were not in writing -do i have any cause for complaint? Are my phone instructions sufficient or do Land C legally still need to have contacted me again to go thru acceptance process ? -or have London and Country followed everything correctly?

Thrugelmir

tali wrote: »

In phone call i told London and Country in explicit instructions that " i will proceed with the 2.59% rate offered -unless a better deal comes along" .

Either you wished to apply for the product or you didn't.

Did you want them to continue looking for a better product?

Did you ask for an application form to be sent?

Dave_Ham

No chance, why on Earth did you not bite their arm off?

Additionally, at that loan to value why did you not take a longer term product?

Smacks of being a bit too greedy to be honest...

tali

Thrugelmir wrote: »

Either you wished to apply for the product or you didn't.

Did you want them to continue looking for a better product?

Did you ask for an application form to be sent?

Well, guided by advisor he told me new rates pop up all the time-so always possibilty .
I did ask them to look for better product
I did not ask for application form

Dave_Ham wrote: »

No chance, why on Earth did you not bite their arm off?

Additionally, at that loan to value why did you not take a longer term product?

Smacks of being a bit too greedy to be honest...

Advisor made no attempt to push me this deal.I did ask him how good it was and he said it good -but he didn't make out that it was brilliant and that i should snap it up
I tried for longer but Lender would only allow 2 yrs

Thrugelmir

tali wrote: »

Well, guided by advisor he told me new rates pop up all the time-so always possibilty .
I did ask them to look for better product
I did not ask for application form

Then they are not at fault if product is withdrawn.

Lenders allocate given tranches of money to a particular product. Once allocated or sufficient applications are received then product is withdrawn.

tali

Thrugelmir wrote: »

Then they are not at fault if product is withdrawn.

Lenders allocate given tranches of money to a particular product. Once allocated or sufficient applications are received then product is withdrawn.

Fair enough - my specific point is were my phone instructions sufficient on their own for them to proceed ? -or did they need to contact me again to go thru the whole process ?

Thrugelmir

" i will proceed with the 2.59% rate offered -unless a better deal comes along" .

That doesn't sound explicit to me. Open to interpretation.

POPPYOSCAR

Thrugelmir wrote: »

That doesn't sound explicit to me. Open to interpretation.

I agree.

This reads to me that you are going to go with this deal if you do not find a better one, not that you want to proceed with it!

tali

Okay thanks for clarifying

GMS

" i will proceed with the 2.59% rate offered -unless a better deal comes along" .

As has been said this is a loosely worded instruction. If a client of mine instructed this then I would make clear that rates can come and go. That said I would inform them when product withdrawal notice issued by lender.

How long were you planning to wait to see if a better deal came along? Without a specific instruction the adviser is a bit stuck.

Sounds like you took a bit of a gamble and lost. It was your choice seemingly so can't blame the adviser. If they had applied to the lender and then applied for a better deal 2 days later there is a chance that the first application could lower your credit score sufficiently to cause a decline with the better deal. Slim chance but possible all the same.