Mortgage - deal offer - withdrawn?

Dan_Collins_2

jill2002 wrote: »

Is it possible that someone just forgot to book the funds at the outset and now the application is ready to go, that deal is no longer available?

No as they have only limited the lending amount not the product and total loan.

Also this is the kind of issue that should have been picked up at AIP stage. On the AIP it asks how you will repay the mortgage when retired etc. This should have made the broker seek further advise from Nationwide. An AIP is a guide and not a promise to lend anything. I would put this down to a lazy broker and a fussy lender. Nationwide have always been fussy!

jeannieblue

Guess its all experience Dan, but it has caused me enormous stress!

The Abbey have been brilliant so far - but then thought L&C were totally amazing and efficient. Feel very let down, found L&C through this site, thought I was doing everything right. They shouldn't be allowed to string people along for so long - our existing mortgage deal ends 4th December, so was pushing it very tight.

Why didn't they know straight away that we weren't 'suitable'? If they had been given all the facts straight off, we've got absolutely nothing to hide and were up front from day one. As said before, its taken them 5 whole weeks or more to then turn round and say no, or give you 12k less.

I'm really hoping that all goes well with Abbey now, its different I guess as its a remortgage with them and they can see that we're still in same jobs, incomes have improved, never missed a payment etc. Just fed up that gotta get all new forms/letters done as before. Plus contact More Than and ask them to remove bloody Nationwide from insurance policy. Such a 'kerfuffle'!

L&C are calling us tomorrow night as a follow up - unfortunately they will probably get my son on the phone and he's not as polite as me.............

Its still all a mystery to me - but not to all you seasoned experts!

Dan_Collins_2

Its hard to explain but it can happen to a broker without it being his/her fault.

He would key your details but could not key the fact that his income has gone up, I believe (Bad memory) that it asks if income is from P60, he should have keyed no but unless the income is made up of large amounts of bonus or commission why would it matter. Then when they get the last 3 months payslips and P60 they see its increased and use the p60. If it is Basic salary then not sure why they would not use payslip or reference, I would fight that one.

All lenders have rules on age, it would ask him how you will be repaying the mortgage in retirement, its a free hand box to type in so until the app is submitted they wont see it.

Good luck

jill2002

I'm really hoping that all goes well with Abbey now, its different I guess as its a remortgage with them

As I understand it - Abbey are your exiting lender. If this is the case, they will just give you a new deal and will not require new income confirmation etc. They will just send out information for your new deal and change it over on 4th December - when your existing deal ends.

Becks045

How frustrating for you. I would be kicking off at L&C quoting the FSA (Financial Services Authority) charter of TCF (Treating Customers Fairly) which clearly they haven't done on this occasion. Quote that and say you will take the matter further for the FSA to investigate and I'm sure they will honour whatever the original quote/deal was as long as none of your personal circumstances have changed.

jeannieblue

Son had day off today and think a few people got an 'earful'.

As it stands now, got offer from Abbey-existing lender, and son phoned Natiionwide direct who told him that we still qualify for original amount requested! Son called L&C, they knew nothing about it but still managed to advise us to go with Nationwide - guess its a commission thing.

To be honest, don't trust anyone at the moment - Nationwide gave go ahead before and it went to nothing. L&C reckon they knew on 16th that we would be offered less but didn't call me till pm on Monday.

The better rate is with the Nationwide but who knows what will happen next. L&C also said that it would be impossible to settle offer in time for our now very desperate deadline of 4th December, which should not be the case, so whatever happens, we will be losing out one way or the other.

I just want to sort it all, but cannot believe anything anyone says - its all over the phone - nothing in writing.

Hard to keep on top of it all when trying to work full time! Very trying.....

jill2002

Although the rate is lower at the Nationwide, how do the fees compare ?- look at the whole deal - not just the rate. Work out how much you will pay over the deal period including fees and see which works out best - don't forget to add the Mortgage Account fee (Redemption fee) from Abbey in your calculations. Also the extra cost that you will pay by being on the higher Standard Variable Rate for a few weeks after 4th December.

jeannieblue

The latest - it would seem, is to go with Nationwide - mainly due to the quite exceptionally high fee Abbey want - 1k all but a pound. Valuation has been done, L&C informed us that all is now proceeding ok and will be done in a few weeks. Sadly we miss deadline of 4th December and have to go on Abbey variable for a few weeks, but should work out less than their fee.

But who knows, I've got absolutely no faith - just being told something over the phone does not reassure me, I mean, where's the proof? Have requested written confirmation........... its not forthcoming.

I'm no spring chicken and I'm not stupid, I'm good at what I do, so is my son and millions of other people - but when you step out of your own field to deal with all sorts of stuff - you get all the 'blarney' down the phone and you have to trust who you are dealing with. L&C do seem to be on our side and now everything is looking positive but I'm not happy til I see it in writing - guess I'm old fashioned.

Would like to thank all those who've contributed and given advice - and next time (oh god give me strength!), will feel more able, I think, I hope............ !