Broker says one thing I get another!

farkin28

Hi all,
I wonder if you can give me some answers? I recently had a meeting with an idependent broker, he came back with a mortgage offer which was a 2 year base rate tracker at a reasonable rate, to which I agreed to proceed with. When I recieved the offer from the lender it was at a 2 year fixed rate. Having sppoken to my advisor he told me he was waiting for an ammended offer from the lender. he phoned me today to say that the base rate tracker was no longer available due to product codes changing daily. Is he being truthfull as I was made aware that the tracker was a good way to go forward, or has he made a mistake in offering this mortgage in the first place?

Tiddler_2

What was the deal he offered and when?

Tracker rates have been quite high as have 2 year fixed rates for a while. Is the rate on the fixed deal the same as was on the Tracker?

He may have just got mixed up, but he should have given you a KFI (Illustration) before you applied for the deal.

NeilQuinn

He's right about the deals changing on a daily basis but I can't see the lender issuing an offer on a different product without speaking to the broker first. Normally the lender would tell us that the customer can't have ABC deal & would ask us to send a fax, confirming which alternative product we wanted it changing to.

farkin28

Hi,
The first offer was a base rate tracker he offered me this 06/03/08 at a rate of 0.84 above the base rate. This would mean a monthly repayment of £646.51. This was before the BoE cut the rate. The 2 year fixed rate is 5.89 Which would mean a monthly payment of £633.97

MortgageMamma

Hi Farkin

Your broker is probably being truthful the deals really are changing on a daily basis and its making life very difficult for us as well as our customers. However I don't agree with Neil's comments that the lenders not likely to have changed the product without speaking to the broker first. Its happened to me three times this month. Once with Abbey, once with Platform and the third time with C&G. Me being me I put a fight up and demands the original products. Luckily I keep an email archive of all rate notifications and record the time and date of electronic decisions.

Sorry you have not got what you wanted, but, if your broker has submitted your application on time and can prove it then he needs to go back to the lender and give them hell.

farkin28

Hi, The first offer was a 2 year base rate tracker, he offered me this 06/03/08 at a rate of 0.84 above the base rate. This was before the 0.25% cut. This would mean a monthly payment £646.51. The 2 year fixed rate is 5.89% which would mean a monthly payment of £633.97.

Dan_Collins_2

He is not telling porkys about deals being changed but how would it get to offer?

I think he has made a mistake, but he his human!

farkin28

You will have to excuse me not too clued up as this is the first time I have remortgaged. As far as I was concerned the deal that was shown me in KFI was the one I was going to get. Why haven't I got it?

MortgageMamma

the deal that you got shown on the KFI was probably withdrawn between you getting the quote and deciding to proceed and the broker subsequently submitting the application form.

Lenders put out mortgage deals for a short time and then when they get close to being fully subscribed or are too risky the lenders withdraw the deals and reprice their products to attract only the type/amount of business they want on their books.

Its all quite normal and just lately due to problems in the markets deals have been being withdrawn by lenders faster than even, some with very little or no notice at all.

Sorry you've not got the deal you wanted, ask your broker to argue it if possible with the lender, but if not then you will either have to accept what you have got or search for a more competitive deal elsewhere

MM

farkin28

Time is a wonderful thing this mortgage comes into effect Thurs 01/05/08

MortgageMamma

so you are completing on 1.5? you shouldnt even consider completing if you are not happy with the terms of what you are being offered. However, I do think what you have got fixed seems a competitive deal. Wish I had a crystal ball but you never know it could be a blessing in disguise!