Lender’s refusal to execute best interest rate at completion

ACG

This is a tricky one. 
If you told the broker you want the lowest rate available at the time of completion, its not something they can do.
Some lenders have cut off points (nationwide is the 20th from memory as an example),
most require some time to process it,
and others would do another credit check (running the risk that your valid offer gets pulled). 

So witing until so close to completing is just not possible. 

EDIT:
Sorry I have just read the rest of the post.
Your issue is with the broker, not principality or the solicitor. The solicitor cant change the product and Principality would have only done it if requested by you or the broker. 

Principliaty do publish their rates online, so you could have found them but I dont think thats necessariliy your fault. If you told the broker to keep an eye on the rates and they said they would, you have a valid argument. If they did not check when they said they would, again you have a valid claim. 

If you told them to check but they never confirmed they would its a bit messy. Our job is technically done when the offer is issued. However we do say to clients we are on hand should they need us. If rates come down we do not automatically check because we get maybe 20 emails a week telling us of rate changes up and down. Its impossible to keep on top of. 

You need to speak to the broker and go from there. 

capbtn

born_again said:

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.

That’s interesting - how is transparency ensured in an open market (if not through a FOI request?) where borrowers can ‘shop’ around and compare rates up to say 10 days away from completion? (Which I’ve specifically requested).,,

ACG

capbtn said:

born_again said:

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.

That’s interesting - how is transparency ensured in an open market (if not through a FOI request?) where borrowers can ‘shop’ around and compare rates up to say 10 days away from completion? (Which I’ve specifically requested).,,

You can request anything you like. 
Was the request agreed to? Thats the big question.

If they did not agree to it, you cant hold them responsible for not doing it. 

Hoenir

capbtn said:

born_again said:

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.

That’s interesting - how is transparency ensured in an open market (if not through a FOI request?) where borrowers can ‘shop’ around and compare rates up to say 10 days away from completion? (Which I’ve specifically requested).,,

You wouldn't be able to obtain a mortgage offer from another lender within that timeframe to meet the completion date.  

ACG

Hoenir said:

capbtn said:

born_again said:

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.

That’s interesting - how is transparency ensured in an open market (if not through a FOI request?) where borrowers can ‘shop’ around and compare rates up to say 10 days away from completion? (Which I’ve specifically requested).,,

You wouldn't be able to obtain a mortgage offer from another lender within that timeframe to meet the completion date.  

This is a good point. I was working on the assumption it was the same lender. 
If any lender then yes, 10 days is just not feasible. 

If you say a week to get a mortgage offer (it could be longer) and then 5 working days to draw down on funds, solicitor needs at least a day to check over the offer and ensure they have done everything required of them, you are talking minimum 2 weeks. 

capbtn

Principality BS just executed the mortgage at their older, presumably higher offer rate, with both solicitor and lender ignoring my clear timely request to apply the up to date lower rate

No, I never pursued another lender for this - so most likely pure systemic greed rather than any practicalities at the root of this

Hoenir

Suggest you have a face to face conversation with your mortgage broker as our attempts to explain matters have clearly failed. 

MWT

capbtn said:

Principality BS just executed the mortgage at their older, presumably higher offer rate, with both solicitor and lender ignoring my clear timely request to apply the up to date lower rate

I'll give it one last shot...

The BS executed the offer you accepted through your broker, they are not to blame.

If you told your broker that you wanted the best rate available on the day of completion they should have refused and explained that it was not possible to do that, if they didn't tell you that then your argument is with the broker.

If you asked your broker to change the product that you had previously accepted to a new product available at that time, then they should have either done as requested if there was enough time before completion, or explained why it was not possible or even perhaps not advisable, but either way they should have responded to you.

Your solicitor has no part in this debate and could not have changed the product you had agreed with the BS, they should have told you that when you made your request, but in any event you will have signed documents giving them permission to proceed, and will often have phoned you again for verbal authority on the day...

Either way, any complaint you have is between you and your broker...

capbtn

It’s always been the same lender and the same product and plenty of time to adjust the offered rate to the going rate more than 10 days before.

i don’t think anyone has ever had a ‘contract’ with a broker who in many unreported cases cash in extra by not honouring explicit requests like mine.

if you find that acceptable then I really don’t have more to say about the UK top- down business world - which doesn’t protect the consumer very well at all

ACG

capbtn said:

It’s always been the same lender and the same product and plenty of time to adjust the offered rate to the going rate more than 10 days before.

i don’t think anyone has ever had a ‘contract’ with a broker who in many unreported cases cash in extra by not honouring explicit requests like mine.

if you find that acceptable then I really don’t have more to say about the UK top- down business world - which doesn’t protect the consumer very well at all

There is the ability to switch products prior to completion. But you saying "I want you to automatically change it to a lower product" does not mean it will happen. If the broker agreed to do that, they are at fault. If they said that cant be done, they never agreed to your request and so if you wanted a lower rate you should have kept your eye on it. 

There is always a contract with a broker, even if it is only verbal. We earn no extra cash by not switching you over to a new deal. Our commission is not based on the rate you pay and just an FYI, I have been keeping an eye on interest rates (with a spreadsheet) and the circumstances I have been checking (85% and 90% LTV 2 and 5 year deals) the rates have fluctuated up and down by less than around 0.2% in the last 6 months. So the difference if rates have come down will be minimal.