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Mortgage offer rate differs to illustration pd
hellywelly84
Posts: 14 Forumite
So on our mortgage illustration from Santander we were given a rate of 3.79% but on our offer we have been given 4.14% and the product code is different. Why would this be? The monthly repayment are now a lot higher. I really dont want to go through everything again as they asked for so much documentation but its such a big difference and our broker didn't mention anything.
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Speak to your broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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@hellywelly84 When your broker submits an application, it's for a specific product code. It's very very unlikely that the lender would the issue an offer for a different product without the broker's input.hellywelly84 said:So on our mortgage illustration from Santander we were given a rate of 3.79% but on our offer we have been given 4.14% and the product code is different. Why would this be? The monthly repayment are now a lot higher. I really dont want to go through everything again as they asked for so much documentation but its such a big difference and our broker didn't mention anything.
Best speak to your broker as they'll be best placed to address your concerns.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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Was the property downvalued? If not, potentially your broker didn't get the application in on time and missed the rate, but they should have told you.0
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Was it a tracker/discounted product or a fixed rate?Officially in a clique of idiots1
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I'm guessing this is the part on the variable rate referred to here? https://forums.moneysavingexpert.com/discussion/6399522/porting-mortgage-after-selling-first#latest
In that case it'll be the rate rise on the variable rate since your application date.Officially in a clique of idiots1 -
And if that is the case it will continue to rise in line with BOE rate rises. So expect it to go up further tomorrow!RedFraggle said:I'm guessing this is the part on the variable rate referred to here? https://forums.moneysavingexpert.com/discussion/6399522/porting-mortgage-after-selling-first#latest
In that case it'll be the rate rise on the variable rate since your application date.0 -
@relievedsheff we have the offer so it wont go up further it's a fixed rate.0
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Oops if it is a variable, looks like 2 more increases in 2022.
3/11/2022
15/12/20220 -
@london21 it's a fixed rate for 5 yrs1
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contact your broker something is not right, maybe missed the cheaper rate.hellywelly84 said:@london21 it's a fixed rate for 5 yrs0
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