Lender’s refusal to execute best interest rate at completion

capbtn

I repeatedly requested from both broker and the lender’s solicitor to have the lowest rate on the chosen product executed at completion (weeks and months away from the offer). Rates were not publicly visible and the lender never directly contactable (‘reflection period’ also refers to contacting solicitor only), and I believe the lender refused to execute the then reduced rate. 

Can the rate on that product for my completion date be disclosed via a Freedom of information Act request?

Do I  have a right to have my clear instruction for the lowest rate enacted?

Has my  term of the contract been breached so I can expect to withdraw?

TheSpectator

capbtn said:

Do I  have a right to have my clear instruction for the lowest rate enacted?

Has my  term of the contract been breached so I can expect to withdraw?

No......and Unlikely.

That's just not how it works.

born_again

Freedom of Information only applies to public bodies. Not other companies.

You can only set rate on the current offers. Remember they can go up as well as down. So you could end up worse off.

Hoenir

The only contractual terms that exist are those that you agreed to in accepting the mortgage offer made. You've no rights to instruct anyone to do anything else in this regard. 

The product is the product. If a product is withdrawn due to a change of interest rate or the tranche of funds allocated has been totally drawn down. . Then the subsequent product is new. It's not the same product. 

capbtn

What should I have done differently then - other than communicate my request to execute lowest rate on completion?

Hoenir

Apply for a different product. Though this cannot be effected without sufficient notice. Certainly have to be performed well before completion. 

capbtn

As I said rates not visible but I’ve communicated my instruction way before completion- which was ignored

Hoenir

capbtn said:

As I said rates not visible but I’ve communicated my instruction way before completion- which was ignored

Didn't you ring your broker and ask what the current rates on offer were? 

capbtn

I did of course, and they wouldn’t say pretending that it takes time to look up. Chased, no avail.

Really interested in a legal opinion about conduct of this Principality BS!?

Flugelhorn

But don't apply for a specific product when you apply for the mortgage and unless it is variable, then that is the rate you pay

Hoenir

capbtn said:

Really interested in a legal opinion about conduct of this Principality BS!?

Pay for a solicitor if it's a legal opinion that you require. The BS have seemingly conducted themselves as you'd expect then to do in such a situation.