Can mortgage lender change interest rates during the application process?

kate2015

Hello,
Does anyone have advice in the following scenario: we have made a mortgage application through a broker for a specific product of a specific lender and a specific interest rate. The application process has been lengthy and frustrating, e.g. the lender slow to respond. We were asked whether we would be willing to go ahead with a valuation in September being advised that the valuation fee would be non-refundable. We considered this to be the near-final step of the application process. After the valuation the lender confirmed to be willing to proceed to a formal offer. However, we were advised that the lender in the meantime had withdrawn from the market the product we applied for. We were offered an alternative product (at a significantly higher interest rate). Can the lender change the product on the mere grounds that the product has been taken off the market during an ongoing application, in particular after we had to pay significant valuation fees (£800) very recently without having been advised of the product withdrawal at the time? If as a result of the change we do not go ahead, can we claim the valuation fee back? Thanks in advance for any comments!

[Deleted User]

Nothing is confirmed until you get the offer, so I imagine they can change the rates.
Has the rate gone up so much that you'd go elsewhere and start the application process all over again?

Thrugelmir

Why wasn't the valuation fee paid across at the time of application?

What type survey was conducted on the property?