Mortgage Deal Taken Away

Jimmi23

I just want a second opinion.
I was about to go and sign the t's and c's on a mortgage deal tomorrow afternoon that I've known about for around 3 weeks. Today I receive a call from the FA informing me that the vendor has pulled the deal. He went on to say that the vendors are not allowed to give prior notice of when a deal will expire and can pull it anytime?! I am now having to sign onto another deal but its gone up 1.3% around another £183 per month!

Does this sound right do vendors pull deals without notice or is someone trying to pull a fast one on me!? :mad:

Thrugelmir

Jimmi23 wrote: »

Does this sound right do vendors pull deals without notice

You had the paperwork for 3 weeks. So you appear to have shafted yourself.

Dave_Ham

I assume by vendor, you mean lender.

If so, underlying rates have been decreasing so just go to another lender. Feel free to give more details about the lender, the deal, loan to value and someone will confirm either way

GMS

The vendor is the seller of the property.

You mean lender?

ACG

the lendor can pull a rate whenever they like.
Some give notice, some dont.

But as Dave says in the main rates have been coming down, did you go straight to your bank or an actual advisor who can look at lots of different lenders?

Jimmi23

Apologies yes I mean lender.

The lender was Natwest at a rate of 4.79% loan £225k, value of the house £250k so 10% deposit- unfortunately they're special circumstances as I have three stupid late payments in the last 12 months against my credit report.

Thing is if I had known they were going to pull the deal then I would have signed up a lot quicker however as the FA wasn't showing any signs of urgency we were taking his lead, I've just lost confidence in this particular FA over this so wanted to make sure it sounded right before blindly going in tomorrow and signing a new deal.

The FA is an advisor who looks at multiple rates and the next best on is just over 6% which happens to be natwest again.


Thank you Thrugelmir for your delicately put post of stating the bleeding obvious :T

Dave_Ham

There are rates out there from lenders as flexible as Natwest (if not more) at under 6% at 90%

I would suggest you challenge your broker, as suspect unless there are overwhelming factors that your advisor is being lazy..

All the best

Jimmi23

Much appreciated thank you Dave

kingstreet

The offer remains available until midnight tonight according to my BDM. I had an email earlier today, at 3.06 to be precise.

Shame it couldn't have been done tonight.