Remortgage issue

haras_n0sirrah

I am a shared ownership specialist.
I wonder if the broker thought you owned a different share so maybe an incorrect loan to value (i.e if they thought you owned 50% then you would have a higher deposit and a cheaper rate) it has now been picked up by the solicitor that your share is different to the share in the offer and therefore the product is wrong?
Only thing I can think of if Santander knew it was shared ownership.

Scuf

see sttached.

jamielutz1987

Ah ok, it looks like the recommendation was for a 60% LTV product when it should have been a 75% LTV one. 

Either the broker messed up or the fact-find had the wrong information.

haras_n0sirrah

It doesn't look as though it has been keyed as shared ownership as the product should be a 75% product as others have said. 

Scuf

jamielutz1987 said:

@scuf Sorry I mistyped, it's a remo and not a purchase.
My question is, what product did the broker recommend? Was it a 75% LTV product or not?
(It should be on your email). 

I don't know where to look for that. Sorry.

haras_n0sirrah

It says on the picture it is only available up to 60% loan to value. You are at 73% so that product was not available to you
 Either the broker has put down the wrong share or has not put down it is shared ownership at all - either way they have made an error. Was the broker made aware about the shared ownership and what the share was? 

jamielutz1987

Scuf said:

jamielutz1987 said:

@scuf Sorry I mistyped, it's a remo and not a purchase.
My question is, what product did the broker recommend? Was it a 75% LTV product or not?
(It should be on your email). 

I don't know where to look for that. Sorry.

It's already there on the snapshot you sent - it says 60%

Scuf

haras_n0sirrah said:

It says on the picture it is only available up to 60% loan to value. You are at 73% so that product was not available to you
 Either the broker has put down the wrong share or has not put down it is shared ownership at all - either way they have made an error. Was the broker made aware about the shared ownership and what the share was? 

The broker was aware of that.
Also, before I received the offer from Santander by post, I had to complete a questionnaire online where they were asking who is the House Association,  how much do I own,etc. So they were aware.
Basically,  is nothing I can do, just to accept the new offer with a bigger rate.

Scuf

haras_n0sirrah said:

Only thing I can think of if Santander knew it was shared ownership.

They knew. I called Santander today and I asked:" Is my offer valid for a shared Ownership or is only valid for normal residential?" The lady said : " Is valid for a shared Ownership, I have it in the system as a shared Ownership!"
But I didn't ask nothing regarding the shares...how much, etc.

jamielutz1987

Scuf said:

haras_n0sirrah said:

It says on the picture it is only available up to 60% loan to value. You are at 73% so that product was not available to you
 Either the broker has put down the wrong share or has not put down it is shared ownership at all - either way they have made an error. Was the broker made aware about the shared ownership and what the share was? 

The broker was aware of that.
Also, before I received the offer from Santander by post, I had to complete a questionnaire online where they were asking who is the House Association,  how much do I own,etc. So they were aware.
Basically,  is nothing I can do, just to accept the new offer with a bigger rate.

From a remortgage point of view yes the only thing you can do now is to get it done quickly.

But as far as I can tell it's a !!!!!!-up by the broker so do pursue the complaint to make sure you are made whole on any extra costs incurred.