mis-advised by broker?

nothomealone

Exchanged on a new build knowing full well mortgage offer would expire before completion. Advisor said not to worry offer will be extended, it hasnt we have to take a new product costing thousands more. Is there anything we can do about this?

ACG

When did you HAVE to exchange and when is the completion date?
Are you having to pay more because the products have changed or just in new valuation/booking fees?

nothomealone

ACG wrote: »

When did you HAVE to exchange and when is the completion date?
Are you having to pay more because the products have changed or just in new valuation/booking fees?

Exchanged in may no completion date as of yet likely to be within next two months. Have to pay a booking fee and rate has risen.

Mortgage_Mark_2

Which lender? Most will extend easily but as far as I'm aware most also say it has to be a new product, so your broker really should know this, provided of course that he knew about the dates that you have to abide by.

nothomealone

The broker and solicitor knew that the offer would expire before completion. Do i have to just take this on the chin and suffer finacially? I feel like there at fault for letting me exchange knowing this offer would run out.

nothomealone

Lender is santander offer was only 4 1/2 months.

Mortgage_Mark_2

nothomealone wrote: »

The broker and solicitor knew that the offer would expire before completion. Do i have to just take this on the chin and suffer finacially? I feel like there at fault for letting me exchange knowing this offer would run out.

I think you need to ask them why they went this far knowing that the completion date was beyond the end of the mortgage offer!

ACG

Did you go against the advice of your solicitor or did they not flag this up?

The offer presumably has not expired yet? It must have another month left on it?

I dont think you can claim the mortgage was miss sold on the basis that there are now only more expensive products available.

Dave_Ham

Is today multiple threads day or what?

You will get better information if you keep your questions and requests on one thread, rather than starting a new one each time which invariably will cover old ground.

This is bad service and assume you used the developer led mortgage advisor and solicitors, who some would say are hardly impartial.

I am unsure you will get anywhere tangible with any complaint, although worth pushing forward but likely to have a bigger push with solicitor for not at least advising you to explore the what if's.

Thrugelmir

nothomealone wrote: »

I feel like there at fault for letting me exchange knowing this offer would run out.

Without exchange the property could have been sold to someone else. Also the developer could raise the price to reflect the local market.

nothomealone

Dave_Ham wrote: »

Is today multiple threads day or what?

You will get better information if you keep your questions and requests on one thread, rather than starting a new one each time which invariably will cover old ground.

This is bad service and assume you used the developer led mortgage advisor and solicitors, who some would say are hardly impartial.

I am unsure you will get anywhere tangible with any complaint, although worth pushing forward but likely to have a bigger push with solicitor for not at least advising you to explore the what if's.

You guessed it developer led advisor and solicItor. The developer has said the advisor explained this scenario to us I can 100% guarentee they never. I have a email reply were i asked "can they offer be extended and at the same rate as it will expire before completion. Reply is yes for a further 6 months.