Mortgage deal fell apart because of advisors mistake! please help!

yorkshire_puddin

Hello
I've been chuffed to bits because I managed to fix a 5 year deal with Nationwide for 5.34%, no fees, before the rates changed... or so I thought!

Today my financial advisor phoned to say we had missed the cut off date and I would now have to pay £500 or £999 pounds arrangement fee and a higher rate as well.. This is after I asked him last week if it was all set up in case of interest rate rises.. and he assured me it was.

As you can imagine, I was none too happy and decided to call Nationwide and ask what went wrong. They told me the advisor had made a mistake and applied for a members only mortgage, therfore things were delayed and I missed all the deals on offer at the time.

As this wasn't my fault and he failed to tell me.. even though he found out last week.. do I have any rights to demand the original deal?

Nationwide said I had to deal through the advisor and maybe something could be done.. after a lot of shouting.. so far I've been offered 5.34% but with the £500 fee.

I said I wanted the deal that was on offer to none members at the time, which was 5.44% and no fee.. still waiting for an answer to that.

Or countrywide can pay fee as it's their mistake!

Any help please as I don't know what my rights are.. thank for reading!

MortgageMamma

I think you have done well to get the amended deal from nationwide

I think the only thing you can do is either try to resolve this with the adviser concerned, if she/he cannot help you, then contact their compliance department with your concerns - they will take it from there, there is no guarantee you will get compensation you may just get an apology or something
Good Luck

MM

homer_j_3

I would say you don't have a right to get the nationwide deal because Nationwide did not mess up your application by offering you an incorrect product.

I would speak to the broker and ask what they are going to do to rectify the situation - can they pay the fee to get you the 5.34%. If they refuse, I would just say that you feel that its unfair as you dealt with the broker and expected them to secure that rate and if they are not forthcoming with an offer you will make a formal complaint.

see where that gets you.

yorkshire_puddin

I'll try to hold out for the best deal possible.. but I know the offer I've been made is not that bad.. I was just too angry today to agree to pay more!!
If I have to pay the fee I will make a complaint and try to get some money back after the house goes through.. I've paid for my valuation survey and now it's a bit late to back out...