Remortgage offer expired - Foul Play?!

pedgepuk

Hi,

I started a remortgage process back in June this year which was successful and at a decent rate of 2.64% with one of the high street lenders.

All was going well and even had my additional loan credited to my account recently, until disaster struck!

Back in June I had a lengthy conversation (interview) with the lenders Mortgage Relationship Manager who went through the details of the remortgage, payments etc.

I received the documentation, recommendation, proposal, offer, terms and agreement form after a week. The form was signed and sent late August and received early September by the lender. Confirmation was also provided of receipt.

Now, I received a call from the same Mortgage Relationship Manager today to explain that my additional loan went through fine and that it was on the new rate of 2.64% but I didn't complete my remortgage amount within 3 months and that I would now be on 6.18% for 2 years. That's an extra £600 per month over the agreed rate, taking it to over £1300.

You'll probably understand that I'm incensed by this.

So with me trying to keep my cool on this phone call, I asked where this was in writing as I could not see a statement of either 3 months or a date of completion within the 3 month period anywhere within the proposal, offer, recommendation nor the T&C's. They're justification is that it was explained on the phone call in June and that it would be in the recording as proof of disclosure.

My opinion is, and this based on my own experience, that if a product has an expiry or validity end date that it should also be stated in writing within the documentation sent to the intended borrower. Unfortunately there is no indicator of this other than the loan end date, loan term, but also that within the offer the following statement is made; "The information below is valid until 5th October 2022. After that date, it may change with market conditions."

The documents make reference to 'additional loan' with a breakdown of the additional monthly payment, and also states what my full monthly payment will be including my existing outstanding balance.

I'm at a loss as to how the Mortgage Relationship Manager can say that the phone call we had has more weight than the legal documents which were sent to me. My ask was for a remortgage with additional borrowing and no less at the new rate.

If the lender had known about the product validity date approaching then why not contact the borrower before the end date? Why leave it until weeks later and after the markets crash?

She wasn't interested and referred me to their complaints which can now take at least 8 weeks for someone to pick up the case.

Surely anything that is discussed should be replicated in writing as per the offer details or it would be non-compliant.

I know I need to exhaust their complaints procedure, but I'd like to go to the ombudsman with this fiasco. 

I'm open to any comments with advice.

TIA