Application process aborted by bank but product not withdrawn

Straightbat

Lloyds bank confirmed the availability of a fixed rate deal with my daughter on Tuesday and gave her a pin to complete the full application process in an online portal.  When accessing the portal it was very clear that the application was for the specific product (we have a screenshot).  But despite repeated attempts to complete the online application it would not allow her to go past a certain stage, despite returning to it several times during the day, when the previous pages’ fields were still populated with the previously entered data.  All this time the product was still being advertised.

While I accept that the bank are not obliged to confirm the offer if their lending criteria are not met, I do not accept that an agreement to confirm the offer if they are met has not been made: therefore this offer should fall into the category of, “if someone already has a mortgage deal agreed, then it should and will be honoured“ - as has been reported is the case.

The fact is that many banks were able to publicly withdraw offers while Lloyds were still touting for business - contrary to advertising standards if they already knew they were not going to honour them.  If other banks could withdraw their offers, Lloyds surely do not have the defence that they did all they reasonably could not to mislead applicants who were still applying for their products in good faith - while, incidentally, losing the opportunity to apply for alternative products before other providers’ rates went up even further, which they could have been applying for instead.

kingstreet

Please use the term products, not offers.

Has she established what's preventing her continuing the application?

K_S

@straightbat It's not entirely clear to me what stage the application is at, but with Halifax/Lloyds, a rate is secured only once a full application has been submitted. Any illustrations provided are usually only valid for that day.

I can't speak for Lloyds as they are a direct only lender, but their sister-lender Halifax has actually handled this week very well compared to many of the other lenders, giving adequate notice to broker, systems working properly and offering very competitive rates. Their processing times continue to be super fast, with underwriting being turned around in no more than 1-2 days.

Straightbat said:

Lloyds bank confirmed the availability of a fixed rate deal with my daughter on Tuesday and gave her a pin to complete the full application process in an online portal.  When accessing the portal it was very clear that the application was for the specific product (we have a screenshot).  But despite repeated attempts to complete the online application it would not allow her to go past a certain stage, despite returning to it several times during the day, when the previous pages’ fields were still populated with the previously entered data.  All this time the product was still being advertised.

While I accept that the bank are not obliged to confirm the offer if their lending criteria are not met, I do not accept that an agreement to confirm the offer if they are met has not been made: therefore this offer should fall into the category of, “if someone already has a mortgage deal agreed, then it should and will be honoured“ - as has been reported is the case.

The fact is that many banks were able to publicly withdraw offers while Lloyds were still touting for business - contrary to advertising standards if they already knew they were not going to honour them.  If other banks could withdraw their offers, Lloyds surely do not have the defence that they did all they reasonably could not to mislead applicants who were still applying for their products in good faith - while, incidentally, losing the opportunity to apply for alternative products before other providers’ rates went up even further, which they could have been applying for instead.

Straightbat

Good question kingstreet.  There seems to be no way of finding out as she was on hold on the phone for over an hour prior to making the online application.  That did secure her a mortgage phone appointment tomorrow though, but that was before she started the online application process for the product under discussion.

With the online process they give a deadline of 10pm the same day to complete it (which is a little bit unreasonable given all the stuff that you have to upload etc) but this was not possible as the system would not let her proceed with no reason given…pressing save and continue just reverted to the same page again.

Straightbat

Thanks K.S.  Yes They do specify the application has to be completed within the day - the point is, their system did not allow this to happen.

Straightbat

Update…my daughter has just opened her post which contained an illustration for the 3.54 rate, though saying as previously advised, I think in an email, that she had to complete the application by the end of the 27th (which the system would not allow her to do).

She is now going for another rate (3.73) which unlike the 3.54 one is still being advertised.  But the system is still blocking her at the same stage.  Obviously we will still be trying to secure the 3.54 one if we can though.

K_S

Straightbat said:

Update…my daughter has just opened her post which contained an illustration for the 3.54 rate, though saying as previously advised, I think in an email, that she had to complete the application by the end of the 27th (which the system would not allow her to do).

She is now going for another rate (3.73) which unlike the 3.54 one is still being advertised.  But the system is still blocking her at the same stage.  Obviously we will still be trying to secure the 3.54 one if we can though.

@straightbat Out of professional interest, where is this being advertised? And are you applying for a purchase or remo product, what LTV?

It may be worth plugging in the numbers on the MSE best-buy comparison here https://www.moneysavingexpert.com/mortgages/best-buys and filtering for 'fixed' and Lloyds to see if that product is actually coming up or not. I just did a quick search for 60% LTV Lloyds remo fixes and can't see anything below 4%.

It's not a given that the MSE best-buy list is complete or up to date but might be worth a cross-check. Another possibility is that the Lloyds system is showing products that are no longer available.

I hope that this isn't the case and she does manage to secure the rate!

Straightbat

Remortgage, LTV well below 60%.  It is coming up on the MSE site and also shows up in the Lloyds Bank application portal.

mose_2

I have just applied for the same rate 3.73. Just uploaded payslips etc now got to wait

mwarby

I take it you've checked the credit files of all the applicants and linked people? If something flagging up that needs manual intervention, maybe a broker is better placed to mitigate this ?

Straightbat

mose_2 said:

I have just applied for the same rate 3.73. Just uploaded payslips etc now got to wait

Are you using a desktop computer?  Maybe that is our problem…