Long mortgage switch

factor29

On 6th March, after speaking to current lender I applied for a mortgage switch to benefit from a fixed rate.

We were on the SVR due to being slightly over 90% LTV, and I wanted to take advantage of the free valuation in the hope my house was valued at more than I paid - It was.

Valuation was carried out by about the 23rd March, and I got a copy a couple of days later.

About 10 days later I chased the lender to see what happened next and they told me the paperwork had just been sent out & apologised for the delay as they had a big backlog. Once received, I sent this straight back the next day.

2 weeks passed (so around mid April) and I'd heard nothing, so chased the lender. They told me it should have been sorted by now, but due to backlogs there were long delays. The advisor told me I wouldnt lose out financially and all interest would be backdated to when I sent the forms back.

Another 2 weeks or so later (just before end of May) and I received the final mortgage offer, which I signed and sent back the next day. It took another 3 weeks to receive a letter telling me my payments wont drop until July.

I phoned them and mentioned the conversation I'd previously had saying the interest would be backdated and the advisor said it looked like there had definitely being a miscalculation as the rates should have taken affect in June at the latest.

He said he would email the admin department who would take 3-4 days to get back to me.

3 weeks later (and chased again) and still heard nothing!

What are my next steps if I dont get anywhere fast? Currently around £200 out of pocket on higher interest I've been paying which an advisor told me I would get back.

Thanks

Thrugelmir

Although your payments don't change until July. Has your interest rate not already changed? Direct debits have to be set up well in advance. What did you confirmation paperwork say.

factor29

I had confirmation both mid May and end of May saying the interest rate tool affect from 13th May. However lower payments don't start until July.

This is despite being told it would be backdated. Original first set of paperwork said 26 payments on fixed rate. Second said 25....

banks4u

I would make a complaint to them and Say you Re out of pocket and put you right, and say you will go to the financial ombudsman if they don't.

factor29

Update on this:

I phoned to chase again mid last month and was told that the calculation had gone through, and I would receive the over payments back to my funding account within 2 days.

Guess what - 3 weeks later and still nothing.

I chased last week only to be told the money may or may not have been credited to my mortgage instead. And this may or may not be the full amount I was due back.
Guess what - they have to email the same admin department yet again.

So I submitted a formal complaint using there complaints procedure due to the chasing I am having to do to get absolutely nowhere.

Received a reply back saying I would have a confirmation letter within 5 working days. 8 working days later - still nothing :mad: