Yorkshire Bank Remortgage Rip Off

rustic12

Hello.

6/7 years ago my mortgage deal was coming to an end so I arranged a new deal with Yorkshire bank. After agreeing the deal over the phone I was sent mortgage proposal paperwork which I signed and returned. Six times the deal was pulled and I was told the interest rate I had initially applied for was no longer available. This was at a time when interest rates were very low but I truly believe that Yorkshire bank were witholding my offer until interest rates rose again because after 6 months of them telling me that after I had accepted a particular offer my payments had gone from £300 to £600. I am hoping to find people who have had a similar experience. I believe Yorkshire Bank were speculating and not processing my paperwork because they were hoping to make more money from me. I'd be grateful for any advice - I still have the initial paperwork - each deal takes 1-2 months for them to come back to me and reject it on account of the fact that the interest rates have changed in the time it's taken them to process it.

mrginge

Why do you think that Yorkshire bank would make any more money if interest rates went up?

Why has it take you 6/7 years to reach this conclusion?

What level of interest rate change moved your payments from £300 to £600?

dunstonh

OP has posted this elsewhere as well. So, excuse the duplication....

6/7 years ago my mortgage deal was coming to an end so I arranged a new deal with Yorkshire bank. After agreeing the deal over the phone I was sent mortgage proposal paperwork which I signed and returned. Six times the deal was pulled and I was told the interest rate I had initially applied for was no longer available.

That timing would place it at during the credit crunch. At the worst period of it, deals were being reviewed daily and replaced frequently. Some on a weekly basis. That isnt normal but the credit crunch wasnt normal either.

This was at a time when interest rates were very low but I truly believe that Yorkshire bank were witholding my offer until interest rates rose again because after 6 months of them telling me that after I had accepted a particular offer my payments had gone from £300 to £600.

Interest rates have not risen since the credit crunch. Although there have been periods when deals have come in with higher or lower terms than the previous tranche.

I believe Yorkshire Bank were speculating and not processing my paperwork because they were hoping to make more money from me.

You are being paranoid.

each deal takes 1-2 months for them to come back to me and reject it on account of the fact that the interest rates have changed in the time it's taken them to process it.

Which was about right for that period. Nothing wrong here. All deals required the money to be advanced within a defined period or until the deal is withdrawn due to special circumstances.

Plus, you are too late anyway. You have 6 years from purchase or 3 years from being reasonably aware of an issue to raise a complaint. After that you can be barred from complaint.

csgohan4

OP wants Compo, OP was the one that signed the mortgage documents, did you not see what you were putting yourself into? Why did you stay with Yorkshire if you weren't happy?

Waldorf_Statler

I had it the other way round. In 2011 I paid the application fee for a 5-year fixed rate, only for them to release a better rate. So after doing my sums I wrote-off the first application fee and applied for the new, lower rate. When it happened again I chalked it down to bad luck and proceeded anyway.

In life you've just got to accept that sometimes you're lucky and sometimes you're not.