Rate change not enforced

Jamesd1980

I have recently remortgaged my home for 275000 fixed at 4.69% for 5 years using a mortgage advisor. Having completed the paperwork I recieved a phone all from my advisor 20/11/2014 saying the bank I am taking the mortgage with will cut their 5 year fixed to 3.99% and was formally seeking my authority to change rates, obviously I was delighted and agreed. I completed the remortgage on 26/11/2014 and recieved paperwork saying I am on the 4.69% rate. Having phones the bank they informed me they were contacted on the 26th by my advisor after funds had been released costing me over £6000 over the next 5 years. His poor administration has cost me dearly but do I have any recourse. I did initially agree the higher rate, but having been made aware of the lower rate I would clearly have not proceeded at the higher rate. And was told clearly it would be changed !

Thanks for any advice

kingstreet

Did you instruct the solicitor handling the remortgage to complete on a particular date?

It may well be the advisor tried to alter the product but was unable to do so because the solicitor had already ordered the funds be drawndown.

20 November was a Thursday and 26 the following Wednesday. A period over which the solicitor could have submitted the report on title to obtain the funds. Contact the solicitor and ask them when the Certificate of Title was submitted so you can get a clearer view of their side.

Make a complaint to the advisor and see what explanation they have for this.

Michelle2014

This also happened to me (rate reducing) during my recent remortgage application. I received a new mortgage offer at the lower rate. Did you receive a revised mortgage offer at the lower rate?