mortgage deal illustration challenged

moneysavinggirl40

Has anyone had experience of completing an online NAT WEST track and switch with £100 cashback? I have received an email with new mortgage illustration but when reading the new illustration I was unhappy with start date. Queried by phone and now I await a new illustration to be sent by email, they say the products team are dealing with it, but haven't been told how long I'll have to wait. Last illustration took less than 48 hours. My worry is that as each day I wait for the new illustration my LTV is creeping up, will i still be entitled to the lower rate product, and £100 cash back if the product team do not act straighaway?

kingstreet

How is the LTV creeping up?

That would be caused by the amount of loan increasing or the property value decreasing?

moneysavinggirl40

kingstreet wrote: »

How is the LTV creeping up?

That would be caused by the amount of loan increasing or the property value decreasing?

As i overpayed to bring LTV in line to benefit for the lower interest deal as it is £500 short of going over the threshold amount,so yeah the interest added on daily with the provider does increase the loan amount. It's also done online ie. electronically so to benefit from the lower bracket interest rate available to me, it has to be just below the threshold for you to click on and accept deal. Advantage is the £100 cashback. Though the provider at their end sets the start date of the new deal, there isn't an option to click what start date you want. Had to ring up to change start date but now waiting for new illustration. Rang again today to find out if its on the system but its been handed to another dept. to change illustration. Feeling as if its going to be left and not dealt with.

kingstreet

So won't the balance drop back down the day after your next mortgage payment?

Thrugelmir

Does the NATWest guarantee the illustration?

To me an illustration is just that. Subject to application and the fact that products can change overnight.

moneysavinggirl40

kingstreet wrote: »

So won't the balance drop back down the day after your next mortgage payment?

yes you're right, one more payment and then the plan is the next day the deal will start. So the deal is based on the current LTV which is demonstrated online to 2 decimal places. Obviously, I want the lower rate product and i want it agreed to be in place for march 1st, as it is a track and switch that I am on atm.

moneysavinggirl40

Thrugelmir wrote: »

Does the NATWest guarantee the illustration?

To me an illustration is just that. Subject to application and the fact that products can change overnight.

As soon as I see the illustration and agree to it then I have been asked to ring up and agree and that is enough to seal the deal.

moneysavinggirl40

closer to the start date a letter will be sent to me stating the current outstanding amount on loan and the exact monthly payments that will be d.debited.

Wh05apk

Why are you querying the start date in the illustration? it is only an assumed start date, so they can provide you with figures, the actual figures will depend on the start date, which at this stage presumably they cannot guarantee.

moneysavinggirl40

because in a track and switch mortgage that I am on I can switch to a new deal anytime, and now that i have reached my target LTV it is ideal for me to start a the new deal without any delay so i benefit in the lower rate. I want the start date to be asap so that I can get a better rate deal sooner.

moneysavinggirl40

Wh05apk wrote: »

Why are you querying the start date in the illustration? it is only an assumed start date, so they can provide you with figures, the actual figures will depend on the start date, which at this stage presumably they cannot guarantee.

I am not worried about the actual figures i am worried about the rate not starting asap. i want to benefit with the lower rate, as i am entitled to switch deal with the current provider.