Mortgage payments different to original agreement

Jynx07

So, first time buyer, have an offer accepted on house and got a mortgage advisor. He comes back with agreement in principle and products to choose from, I am certain I picked a 5 year fixed at £270, however now the mortgage has been approved and the paperwork is in, the payment on the paperwork is £300.

I have contacted my advisor as I wouldn't have agreed to £300 when I know I could get £270 for roughly the same.

Of course maybe I was totally mistaken, but has this happened to anyone?

davidmcn

Unless you know why it's different (e.g. a change in the interest rate) then I don't think anybody else can help you. Definitely the same loan amount and price as before?

Jynx07

Yes same amount and price (That I know of)

I'm now worried because I know I can get a better mortgage, but it would be a different bank, can you even do that? Cancel an offer and go straight to another bank for an application, I always thought that would damage my credit rating

getmore4less

What was the potential offer that was £270pm?

What is the offer now?

Amount, rate, term & payment for both.

dunstonh

Did the deal get withdrawn from the lender and replaced with a new one?

Is this a mortgage broker or bank clerk?

kingstreet

It should have been made clear that at agreement in principle, any product is an example only. The AIP doesn't reserve a rate.

Once you were ready to proceed, you should have been given current illustrations and been given the opportunity to query the rates and monthly payments before an application is submitted.