Mortgage lender not looking at my decision in principle in time

Chewoot93

Hello,

i am currently in the process of re-mortgaging my property. under the advice of my lender i did not submit my application for a decision in principle until a certain date, this was 1 day before new interest rates were due to come out. the lender then did not look at my application in time and i am now subject to the higher rates. 

is this allowed, do i have some legal standing to be able to get compensation back because the application was not submitted in time to be looked at on the advice of the lender? 

To be honest this seems like a scheme to be able to say sorry it was missed (on purpose) now we have to charge you even more. i hope I'm wrong but either way im now worse off. 

Hope someone can help. thank you. 

ACG

A dip does not usually secure a rate, I think only nationwide can do that. 
What was their reason for holding off on the DIP? 
When did they tell you to leave it until whatever date? I dont think product changes are planned over a week in advance. More like 48-72 hours before they announce it. 

Take the tin foil hat off. If rates had come down you would not be thinking the opposite. 

Chewoot93

Thank you for your response.

We had all the documentation ready to submit over a week ago. The lender said hold off till the 1st of November as that's when a 12 month time span from a missed payment would be over. 
I wish I could just take the hat off but just sick of being screwed over and when I had heard that it just sounded like I had been taken advantage of again. 

simon_or

Chewoot93 said:

Thank you for your response.

We had all the documentation ready to submit over a week ago. The lender said hold off till the 1st of November as that's when a 12 month time span from a missed payment would be over. 
I wish I could just take the hat off but just sick of being screwed over and when I had heard that it just sounded like I had been taken advantageous of again. 

Bank advisors know very little beyond their own bank unfortunately. If you're changing banks anyways, always advisable to have a good broker on hand.

MWT

Chewoot93 said:

I wish I could just take the hat off but just sick of being screwed over and when I had heard that it just sounded like I had been taken advantage of again. 

You have not be 'screwed over' or 'taken advantage' of, the suggestion to hold back until missed payment was over 12 months may have been sound if applying before then was likely to result in a rejection, and if it was only for a DIP then you really haven't missed out as it wouldn't have secured the rate anyway with most lenders.

May be time to find a good broker though as they can help you navigate the path to a mortgage with perhaps more clarity than you are getting on your own...