Mortgage offer gone wrong

Jlewis21

Hi, 
can anyone help please. We applied for a mortgage and got an offer through, where we were porting our existing mortgage and adding on to it. Our current mortgage is a help to buy rate, where the new home we’ll be going to we aren’t using HTB. Our solicitor picked up on the mortgage offer that in the special conditions it stated about using HTB for the new house, which is wrong so we made our lender aware of this. We are now being told we were offered an incorrect product and we now have to chose a new product (mortgage) but at a higher rate.
should I complain to the FCA about it? Opinions would be helpful too please! Many thanks.

[Deleted User]

who did you apply through?  A broker or the lender direct?  If the latter was it done online or over phone/zoom/branch? 

What does your previous offer state about the product being portable?  Thats the main thing to check.  Most HTB products arent portable to non HTB houses so as long as it said something along those lines then they will say its an admin error and pay you for the inconvenience if you complain.  Nothing else though as they are sticking to pre-agreed contractual terms. 

Check your previous mortgage documents for the wording.  Or state the lender and I or another broker might be able to look up the wording.  

ps. The FCA dont hear consumer complaints.  If something has gone wrong you complain to whoever advised you, if that doesnt give the desired outcome you then go to the FOS

Jlewis21

Thanks for the reply! We applied directly through the lender, Barclays. Our H2B rate was 2.24% fixed for 5 years if that helps at all?
If you could pick up the wording that would be great. Many thanks

MWT

Jlewis21 said:

We applied directly through the lender, Barclays.

Online or did you talk on the phone or some other means with someone there to make the application?

In short did you receive advice from the bank, or did you just pick the wrong product online?

[Deleted User]

Unfortunately it states on Barclays T&C's that:

• Help to Buy: equity loan mortgage products are not portable

So it sounds like someone has wasted your time but haven't broken their contractual obligations so you are unlikely to get anywhere with complaining.    By accepting the mortgage previously you will have signed to confirm you have read the documentation so they will throw it back at you if you tried to take it anywhere.  
If you had advice on the mortgage you might get an apology and some compensation (talking maybe £100) but they arent going to change the contractual terms

Jlewis21

Ah I see. Yes it was on the phone with a Barclays mortgage adviser who advised us of the best way forward being to port our existing mortgage and then lend the additional amount on top. It has hindered us slightly as it has been 10 days since I notified them of the error and I’ve had to chase to get any information. Now we are late to exchange contracts because they don’t seem to be doing anything hastily to get this sorted and back to us for us to exchange. Very frustrating! But thank you foe the advice! 

kingstreet

Help to Buy and Family Springboard

Our Help to Buy and Family Springboard products are not portable. However, customers will have their Early Repayment Charge (ERC) refunded if they repay the existing mortgage in full and take a Barclays residential mortgage to purchase their new property. 

Each request is subject to application and must meet our standard lending policy, as well as the following

• The new mortgage must be at least 75% of the existing mortgage balance on the day it’s paid off
  
• Where the sale and purchase do not happen simultaneously, the new mortgage must complete within 90 days of the existing mortgage being paid off.

[Deleted User]

ignore me, listen to Kingstreet.  I didnt see that on the bit i was on