About to complete but all going wrong-help!

Househelpplease

Hi all,

Having a real problem here. We applied for a remortgage through a broker with additional borrowing back in September and got our offer through in October. All the dosimeters looked fine and showed the ‘amount you are borrowing’ as the correct amount (outstanding mortgage value plus the extra 20K borrowing). We’ve been waiting for the early redemption charges to finish (tomorrow) and are due to complete on Thursday. I had the completion statement through today with no sign of additional borrowing. When I phoned the solicitor to question this, they said no additional borrowing has been mentioned to them and although I’ve been approved for the full amount, the lender will only pay out the amount to cover the existing mortgage, and that had I wanted additional borrowing, the broker should have applied separately! What!!!!! I’m so cross with the broker-it was clear what I wanted and it even says the full amount on the portal with the broker, and on the offer letter from the lender, but the lender says the broker had to apply for two separate accounts for the additional borrowing to be paid to me. What are the chances of this being able to be sorted at this stage with the rate I was approved for long gone and what can I do considering the seeming balls up from the broker?! Thank you! 

MFWannabe

What has the broker said?

kingstreet

When you remortgage (a new mortgage with a new lender) you would expect to make one application for all the funds required.

When you take a customer retention product from existing lender and also apply for a further advance or additional borrowing, two separate transactions may be involved.

Which are you doing?

Househelpplease

I’m remortgaging with a new lender, but the new lender says two products should have been applied for-the remortgage and the homeowner loan

ACG

Househelpplease said:

I’m remortgaging with a new lender, but the new lender says two products should have been applied for-the remortgage and the homeowner loan

Who is the new lender? 
I dont think I have ever come across that. 

You need to speak to the broker. 

I would be very surprised if you were to complete in 48 hours. You need an application, underwritten and funds released. 

Put your anger to one side, the priority is the fix the issue. You need to speak to the broker. You can be angry at them next week. 

Househelpplease

Thank you, yes my anger has abated somewhat now. The lender is HSBC. I’m waiting to hear back from the broker who is ‘looking into it’ for me. The full amount of funds has already been applied for and underwritten - it seems the broker didn’t realise it needed to be two separate applications so is hoping to sort it now retrospectively. Keeping everything crossed but not holding my breath. And of course it will then leave me on my current lender’s variable rate for the duration of the delay, which of course will cost…and might make me angry again! 🙈😂

ACG

If your broker has to pay you a day or 2 on the SVR I think they will count themselves pretty lucky - assuming this is the brokers fault (im not saying it isnt btw). 

If you end up on the SVR for a couple of days, ask the broker for the different. I am sure they wont mind give you £20-30 all things considered. 

I know this is no help at the moment, but sometimes things do go wrong. He seems to be dealing with it, which is what you want. We sometimes see on here the broker shirking their responsibilities.Best of luck.