Remortgage rejected at the last minute - advice please.

superbez

Calmed down a little now and have been over the paperwork.

The broker knew I was already with NatWest

The lawyers NatWest use knew I was with NatWest because it’s written all over the paperwork I had to sign months ago

So surely NatWest knew I was with NatWest if the lawyers they appointed knew?

Forget the going into debt troubles I mentioned I was panicking and extremely stressed out. We’ll be fine if we have to wait another 6 weeks.

On Monday I received the redemption letter about settling the old mortgage from NatWest’s lawyers and all was set to complete next week. The paperwork I signed months ago states once I sign I can’t pull out yet they’ve wasted no time doing the same.

I just can’t understand how this has happened and nobody be accountable for it, obviously I want to make a complaint I just need guidance which is why I’m here. I get that mistakes happen but this is quite a big one with a fair bit riding on it. My mortgage payment will increase by over £200pm as a result (at Christmas) until it’s resolved.

Christmas is cancelled

[Deleted User]

Yeah this sounds like a big f**k up now youve mentioned the lenders.

We can not do additional borrowing with Natwest. We can transfer your existing balance on to a new product but cant do existing borrowing. Although staying with Natwest is most likely going to be the easiest option here, it will also be more expensive.

Its not impossible to go from application to release of funds in less than 3 weeks. You could still have funds released this side of xmas if you went ot the right lender and used a solicitor not appointed by the lender ( i say this as those ones very rarely start work until the mortgage offer is in which will lose you a week or 2 head start)

If the broker has advised you to go to Natwest for additional borrowing and submitted applications on your behalf then you definitely have cause to raise an advice complaint against the firm.

From my experience of working in these firms, the management and the brokers will be doing all they can to avoid you raising a complaint. This is because it will affect the mangers bonus. Find the initial disclosure document you were given that has complaints details on it, and then write a complaint to that email address or postal address. Get the ball rolling with it officially

Raising additional funds with Natwest is possible but only through direct but it will be more expensive. I would personally find a better broker asap, get an application in to a lender wtih 1 day service standards and who do desktop valuations under certain ltv. (i have just had to do this with hsbc and they went from app to offer in 2 days)
All going well you could have a new mortgage offer within 5 days. A decent solicitor may charge a few hundred quid but wont charge until completion usually. That legal work may take a week or 2.

Keep track of your losses and submit that as your request for reimbursement and request a payment for distress and inconvenience. I would find it hard to argue you were given appropriate advice if you are trying to do additional borrowing with Natwest and you are with them already.

Thrugelmir

superbez wrote: »

Yes the debt has crept up a little bit no where near it becomes a problem

Not helpful to your cause. Considering you wish to consolidate existing debt and release equity increasing your indebtedness even further. As lenders have a regulatory duty with regards to responsible lending these days.

superbez

Deleted_User wrote: »

Yeah this sounds like a big f**k up now youve mentioned the lenders.

We can not do additional borrowing with Natwest. We can transfer your existing balance on to a new product but cant do existing borrowing. Although staying with Natwest is most likely going to be the easiest option here, it will also be more expensive.

Its not impossible to go from application to release of funds in less than 3 weeks. You could still have funds released this side of xmas if you went ot the right lender and used a solicitor not appointed by the lender ( i say this as those ones very rarely start work until the mortgage offer is in which will lose you a week or 2 head start)

If the broker has advised you to go to Natwest for additional borrowing and submitted applications on your behalf then you definitely have cause to raise an advice complaint against the firm.

From my experience of working in these firms, the management and the brokers will be doing all they can to avoid you raising a complaint. This is because it will affect the mangers bonus. Find the initial disclosure document you were given that has complaints details on it, and then write a complaint to that email address or postal address. Get the ball rolling with it officially

Raising additional funds with Natwest is possible but only through direct but it will be more expensive. I would personally find a better broker asap, get an application in to a lender wtih 1 day service standards and who do desktop valuations under certain ltv. (i have just had to do this with hsbc and they went from app to offer in 2 days)
All going well you could have a new mortgage offer within 5 days. A decent solicitor may charge a few hundred quid but wont charge until completion usually. That legal work may take a week or 2.

Keep track of your losses and submit that as your request for reimbursement and request a payment for distress and inconvenience. I would find it hard to argue you were given appropriate advice if you are trying to do additional borrowing with Natwest and you are with them already.

Thank you so much for the advice, I will come back to this for sure. Much appreciated.

superbez

Thrugelmir wrote: »

Not helpful to your cause. Considering you wish to consolidate existing debt and release equity increasing your indebtedness even further. As lenders have a regulatory duty with regards to responsible lending these days.

Since we bought the house 2 years ago we’ve put over 30k into redevelopment and only accumulated debts of around 10k so once that debt is cleared (like I’d agreed with the application) we’d be back to saving money rather than spending it out. It was all sorted! Thanks for your advice and input it’s highly valued. Thank you.