Mortgage broker

qwerty43

Hello

I would like to have your opinion regarding my situation and the broker behaviour.

In August we got an offer accepted on a house and applied for mortgage with nationwide through broker.

Before the offer was issued seller pulled out so broker cancel the application.

when we found we found the next property we are buying now, rates have risen so we were forced to apply for a rate over 5%.

By reading this forum I learned that Natioonwide will allow broker to apply for decision in principle and reserve the product for 90days.
we were not told this by the broker nor he did not do it for us.

Now I am very upset knowing that we could have had much better rate below 4% had he apply for DIP once the first application was cancelled.

Do I get this right? Am I missing something? Should the broker tell me about this feature or is this my fault not researching this before?

Neilos9

Not sure how the broker can be blamed for this....
How would they know how much the property in the future was going to cost, how much you wanted to borrow and if this would be in 90 days.......

JMA74

Its not been something thats been part of normal behaviour in the past but there is an argument to be had that they could have done it this time in a time of rising interest rates. 

I suggest just emailing and asking why they didnt advise you to reserve a new rate when it was apparent that the property was going to change.

I dont know which way it would go to be honest if you made a complaint.  In theory yes you are correct it would have been a good thing to advise someone to do.