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Mortgage offer rate differs to illustration pd

hellywelly84
hellywelly84 Posts: 14 Forumite
Name Dropper First Post
edited 1 November 2022 at 9:37PM in Mortgages & endowments
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.

Comments

  • ACG
    ACG Posts: 24,788 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Speak to your broker. 
    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.
  • K_S
    K_S Posts: 6,900 Forumite
    Fifth Anniversary 1,000 Posts Photogenic Name Dropper
    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.
    @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.

    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.

  • housebuyer143
    housebuyer143 Posts: 4,291 Forumite
    1,000 Posts Third Anniversary Name Dropper
    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. 
  • RedFraggle
    RedFraggle Posts: 1,487 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Was it a tracker/discounted product or a fixed rate?
    Officially in a clique of idiots
  • RedFraggle
    RedFraggle Posts: 1,487 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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 idiots
  • RelievedSheff
    RelievedSheff Posts: 12,701 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    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. 
    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!
  • hellywelly84
    hellywelly84 Posts: 14 Forumite
    Name Dropper First Post
    @relievedsheff we have the offer so it wont go up further it's a fixed rate.
  • london21
    london21 Posts: 2,207 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Oops if it is a variable, looks like 2 more increases in 2022.

    3/11/2022

    15/12/2022
  • hellywelly84
    hellywelly84 Posts: 14 Forumite
    Name Dropper First Post
    @london21 it's a fixed rate for 5 yrs
  • london21
    london21 Posts: 2,207 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    hellywelly84 said:
    @london21 it's a fixed rate for 5 yrs
    contact your broker something is not right, maybe missed the cheaper rate. 
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