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Remortgage delays cost me money

deafhaddockdeafhaddock Forumite
4 Posts
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Hi. I've finally managed to switch my mortgage to a new lender with a better rate, so I'm looking forward to much reduced monthly payments during this crazy period which will be helpful  :)
However, the switch was due to complete on 1st April (the day after my old fix ended), and it actually took until 28th April because of delays getting the redemption statement. Both the solicitor and my old lender are blaming Covid-19 staff shortages which I completely understand, but there's no getting away from the fact that a month of SVR with my old lender will have cost me £300+ more than I was expecting to pay in the first month on my new fixed rate.
I feel I should be claiming compensation, but I can't see either company paying out much if anything ... Any thoughts?

Replies

  • edited 29 April 2020 at 3:40PM
    ThrugelmirThrugelmir Forumite
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    edited 29 April 2020 at 3:40PM
    Force majeure applies. There was never a guarantee of the date being achieved. 

    It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros
  • deafhaddockdeafhaddock Forumite
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    Force majeure applies. There was never a guarantee of the date being achieved. 

    Yes, that was my instinct, thanks.
    Gutted, tho'.
  • davidmcndavidmcn Forumite
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    Even at the best of times, you're not going to get anybody guaranteeing a completion date for a remortgage.
  • md258md258 Forumite
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    Don't think of it as £300+ lost, think of it as £300+ saved every month from now on compared to not having done it.

    If you really want to persue it, a complaint to the old company (assuming it was actually them slowing it down and their process was followed regarding requesting it with enough time) may get you a goodwill payment, but it is unlikely to be anywhere near the sum you're looking for.
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