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Remortgage - Bank is stalling
sneezie
Posts: 1 Newbie
Hi,
My fixed rate mortgage finished back in February, which meant my rate went up to 4.95% (ouch!)
I applied for a fixed rate product @ 2.89% with my current provider, but it is still ongoing over 4 months later! I spoke to the Mortgage advisor at the bank last week and they are now saying I should transfer onto the new product in a couple of weeks.
On their website their Mortgage FAQ states a mortgage application should take 4-8 weeks, and can happen even faster if I am an existing customer wanting to borrow more money.
Basically, I think the bank have been really slow in processing the application (they are making an extra £200 per month out of me whilst I continue to be on the standard variable rate).
Any suggestions on how I go about recovering some money? Will the FCA be able to help?
Thanks in advance
S
My fixed rate mortgage finished back in February, which meant my rate went up to 4.95% (ouch!)
I applied for a fixed rate product @ 2.89% with my current provider, but it is still ongoing over 4 months later! I spoke to the Mortgage advisor at the bank last week and they are now saying I should transfer onto the new product in a couple of weeks.
On their website their Mortgage FAQ states a mortgage application should take 4-8 weeks, and can happen even faster if I am an existing customer wanting to borrow more money.
Basically, I think the bank have been really slow in processing the application (they are making an extra £200 per month out of me whilst I continue to be on the standard variable rate).
Any suggestions on how I go about recovering some money? Will the FCA be able to help?
Thanks in advance
S
0
Comments
-
What's caused the delay?
The bank does not have to offer to you a new product. By default you drop onto the SVR.0 -
Any complaints you should direct to your bank first. I'm sure they will resolve it."If you will change, everything will change for you." - Jim Rohn
I simply use these forums to share my knowledge, reinforce my learning and experience as an IFA. Please remember, if your circumstances are complex, speak with your local IFA from Unbiased or VouchedFor directories for regulated financial advice.0
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