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Building Society withdrew rate mid application

(4 Posts)
ilovemydogandmrobama Wed 01-Jul-09 12:27:28

Grrrr. Am fuming. Arranged with building society to borrow additional funds on top of very low mortgage. Telephone interview was a great option and their advisor called and went through the requisite information. (We have a mortgage with them already)

So, I was under the assumption that they would send an application as I told her what product we were applying for etc.

She calls last week to inform me about the change in life insurance. I ask her about application, and she says she thought she sent it out...

Oh, and the 5 year fixed rate is no longer available.

Spoke to Branch Manager who says that unless they get a returned application, there's not much that can be done.

I feel sick.

Am I stuffed?

ABetaDad Wed 01-Jul-09 12:34:03

Unfortunately, fixed rate deals have had to be withdrawn in many cases at very short notice as 'Swap Rates' in the money market have gone up.

When this happens, it forces the banks/building societies to quickly withdraw thir products or raise the interest rate on fixed rate deals as they can no longer hedge their exposure.

DaisymooSteiner Wed 01-Jul-09 12:42:02

Until they actually make a mortgage offer, there are no guarantees IME. I would complain vociferously, but it probably won't get you anywhere I expect sad

ilovemydogandmrobama Wed 01-Jul-09 12:53:42

Thanks -- I asked the Branch Manager what I was supposed to do -- they were willing to do the application over the phone, they had all the information, there was nothing else I needed to do.

Would have been different if I sat on the application and didn't send it back, but this isn't what happened...

Grrrrrrr...

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