Halifax mortgage- advice urgently needed.

Piclesarcar

Evening all,

I was wondering if anyone could offer us some help.

We applied for our halifax mortgage in mid April, through a broker.

Before our application was processed, we were told we could not apply to them on a 5% deposit, and to continue our application we needed to have a 10% deposit. It was tight, but we went ahead with a 90% LTV on their stamp duty paid 4.89% apr.

Two weeks after we had applied, credit check done, we noticed that the money for our valuation had not been taken from our bank account, lots of calls, all but one unreturned, to our broker, and she resolved the situation.

Two days after, she called to say that the product which we first applied for had been pulled and we needed to choose a new product. She gave us two options, one at 4.69 and one at 5.09. We chose the 4.69 and then was told there was a product fee of £999. Begrudgingly, we accepted that and continued on.

Fast forward a month, we get our mortgage offer through the door. Brilliant!! But it's at a rate of 4.99 not 4.69.

Called the broker, she's away on training. Called today, she can't take our call as she's in meetings all day.

Spoke to her an hour ago, and she tells us she discussed 4.99 with a £999 arrangement fee.

Luckily, I have emails to say otherwise.

Where exactly does this leave us?

We know there are better mortgages available to us, but not sure if we have the time to apply, seeing as this one took nearly 8 weeks to get.

It even turns out that the 5.09 works out less expensive as it doesn't have the arrangement fee!!

Are we in a position to kick up a stink? And of so, how do we go about it?

Any advice would be greatly appreciated!!

Funny_old_game

What are you trying to get out of it?

As it's an introduced mortgage the lender won't budge as they just go on the broker instruction.

Piclesarcar

Possibly. I'm not sure though if I'm honest.

It's just the fact we had decided on a mortgage on the brokers advice, based on the information they gave us, which was based on the rate of 4.69%.

But now we have ended up with a product we didn't ask for or want. If they had said to us originally it will be a 4.99 with a product fee we would have said 'thank you, but no thank you. We will look at other products'.

Now we will be paying an extra £90pcm on a product we didn't ask for, weren't told we were getting or even informed it had been changed.

We realise it's a bit late in the day to change mortgages, but it's not what we want. At all. And there are better rates out there, but because we have been given bad information we will end up out of pocket over the next two years.

Thrugelmir

Piclesarcar wrote: »

Are we in a position to kick up a stink? And of so, how do we go about it?

Call your brokers superiors even better turn up on their doorstep.

Funny_old_game

Seems harsh. Gone are the days of discretionary rates to brokers etc.

The brokers on here may confirm but I think your stuck with it from a rate point of view.

Piclesarcar

Haha!! I may just do that!!

It's so frustrating. There are so many products better suited out there, we just don't want to lose the house, we just feel like we are between a rock and a hard place.

Piclesarcar

We were told the 4.69 was a rate only available to countrywide (please don't berate me for using them, I fully appreciate how much we should NOT have gone with them, and used an independent broker).

Yet we ended up with this. I would have even taken the 5.09, as it turns out now, would be £13 cheaper than what we ended up with.

Despite many emails, we were not issued with a new Key Facts on the 4.69, so of I'm honest, I don't even know what she applied for. I just know for damn sure if she had actually mentioned it, it would have been a very swift no.

I have all of the correspondence via email, which states the two rates she offered and the one we chose. 4.99 was never mentioned.

Funny_old_game

Nothing stopping you going for the higher rate. Get them to send s request through. Might take a week or so to offer, and you have one already.

kingstreet

You should have been provided with a key facts illustration BEFORE you were expected to decide which product you wished to choose.

Was this the case?

Piclesarcar

No. We have no key facts for the second mortgage. We have asked though and it has fallen on deaf ears. Actually, a lot has.

The original product we applied for was 4.89, we were given Key Facts AFTER we had applied for the mortgage. That product got pulled, and then she gave us two options, 4.69 and 5.09. We chose 4.69, but didn't receive a Key Facts at all. That was 6 weeks ago, and now we have a 4.99 mortgage.

kingstreet

Make a complaint that you are being expected to make product decisions without first being given all the facts and that each time you think something has been agreed, the goalposts are moved again.