Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

Mortgage company…..can they do this???

49 replies

dontcallitsavvyb · 04/10/2022 17:41

purchasing a property and secured mortgage offer a little while ago before all the madness. Initially had paperwork saying expired end of sept. Then had paperwork last month saying end of October. I always had end of sept in my head but then I saw new papers I thought I must have misread. We are now almost ready to complete and they have said this is was a computer glitch and we need to choose a new product. This will be x3 our original rate and make it unaffordable. Help!

OP posts:
SunshineClouds1 · 04/10/2022 17:43

No communication from them prior to say it was a glitch?

DottyLittleRainbow · 04/10/2022 17:45

If their mistake pretty sure they have to honour it?

Original poster
dontcallitsavvyb · 04/10/2022 17:48

SunshineClouds1 · 04/10/2022 17:43

No communication from them prior to say it was a glitch?

Nope, just when my mortgage advisor has gone to ask something about the offer, they replied that the offer had expired, we would need to choose a new one!!

OP posts:
DeadHouseBounce · 04/10/2022 18:26

If they are loaning you a large sum of money they can probably do pretty much what they like, the mortgage market has changed, they are not a charity.

TwoLeftSocksWithHoles · 04/10/2022 18:31

If you have documents from the Building Society that show the expirey date as end of October I would pursue it and escalate it. I don't know about Twitter but it seems to get mentioned a lot in these sort of cases.
It seems a bit too easy just to say 'it's a glitch' with the market as it is. One would hope they have more robust systems than this.
Send a message to Katie Morley in the Daily Telegraph (although I suspect she gets overwhelmed at times with issues so may not respond)

DeadHouseBounce · 04/10/2022 18:38

Nobody is going to have sympathy with someone wanting to keep stoking the housing bubble with cheap debt at this point, just stump up or wait for lower prices is my advice.

Zilla1 · 04/10/2022 18:42

I have sympathy for you, OP.

Original poster
dontcallitsavvyb · 04/10/2022 18:42

DeadHouseBounce · 04/10/2022 18:26

If they are loaning you a large sum of money they can probably do pretty much what they like, the mortgage market has changed, they are not a charity.

Not sure you know how charities work. Usually they don’t come with stipulations on paying sums back with interest on top 😂

OP posts:
Original poster
dontcallitsavvyb · 04/10/2022 18:45

DeadHouseBounce · 04/10/2022 18:38

Nobody is going to have sympathy with someone wanting to keep stoking the housing bubble with cheap debt at this point, just stump up or wait for lower prices is my advice.

‘Stoking the market’?? What a strange comment.

OP posts:
Original poster
dontcallitsavvyb · 04/10/2022 18:51

TwoLeftSocksWithHoles · 04/10/2022 18:31

If you have documents from the Building Society that show the expirey date as end of October I would pursue it and escalate it. I don't know about Twitter but it seems to get mentioned a lot in these sort of cases.
It seems a bit too easy just to say 'it's a glitch' with the market as it is. One would hope they have more robust systems than this.
Send a message to Katie Morley in the Daily Telegraph (although I suspect she gets overwhelmed at times with issues so may not respond)

Thank you, that’s an idea

OP posts:
Zilla1 · 04/10/2022 19:02

Might be an idea to complete a written dialogue to try and insist they honour the offer if you have documentation with end of October dates. Then try and whip through their complaints procedure. Might be an idea to ask the FCA or whichever regulator has jurisdiction how the usual requirements of completing an internal complaints procedure before escalating to them would apply in a time-sensitive issue like a mortgage offer and house purchase. Good luck.

Whammyyammy · 04/10/2022 19:11

DeadHouseBounce · 04/10/2022 18:38

Nobody is going to have sympathy with someone wanting to keep stoking the housing bubble with cheap debt at this point, just stump up or wait for lower prices is my advice.

I've never heard anyone refer to someone buying a home for their family 'stoking the narket' before. You sound very bitter.

DeadHouseBounce · 04/10/2022 19:23

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

AuntSalli · 04/10/2022 19:37

If you have it in writing don’t panic, they will honour it.

DeeofDenmark · 04/10/2022 19:51

Might be worth dropping Martin Lewis an email, better still call up when he’s on this morning. Nothing like a public outing to make them do the right thing.

Postapocalypticcowgirl · 04/10/2022 20:10

I think if you have it in writing, they should honour it, but they may be able to kick the can down the road until the end of October anyway? If you could get someone high profile involved, that would be great, but I think that would be difficult.

Twitter tends to only work if you have a large following or can get someone with a large following interested.

I would complain, though OP, and show the evidence of the end of October in writing.

JesusInTheCabbageVan · 04/10/2022 20:14

Whammyyammy · 04/10/2022 19:11

I've never heard anyone refer to someone buying a home for their family 'stoking the narket' before. You sound very bitter.

Show quote history

Pretty sure they're over here on holiday from housepricecrash.com....

3WildOnes · 04/10/2022 20:22

This reply has been deleted

Message deleted by MNHQ. Here's a link to our Talk Guidelines.

Jesus. Youu sound awful. Gleeful at others misfortune. You realise even if the higher interest rates push down houses prices people will still be paying as much for their houses, just more of this will be going on interest. The only people higher interest rates/lower house prices suit is cash buyers.

We are lucky and have a long fix. I really feel for people coming off fixes now or buying for the first time.

Frazzled2207 · 04/10/2022 20:25

If you have it in writing then you need to get this escalated. Their glitch= they need to sort
(technically however I suspect they have the right to change the rules at any time, sadly)

Sheenqueen · 04/10/2022 20:28

DeadHouseBounce · 04/10/2022 18:26

If they are loaning you a large sum of money they can probably do pretty much what they like, the mortgage market has changed, they are not a charity.

You are going around spouting a lot of nonsense. If they entered into an agreement under the Consumer Rights Act 2015 they can’t just do whatever they want if the terms of the agreement still applies.

OP I’m assuming there isn’t a clause where they said they can unilaterally change the agreement? Are you sure you’ve got your dates right. You should challenge them.

C4tastrophe · 04/10/2022 20:32

Maybe see if you can get Volodymyr Zelensky to tweet his support?

doodlyfiddly · 04/10/2022 20:33

As you have the paperwork stating the end of October, they should be expected to honour it under the FCA's 'Treating customers fairly' rules.
See if you can escalate it to a supervisor or manager.

Good luck!

Letsnotargue · 04/10/2022 20:40

When we took out our first mortgage with Nationwide we had our offer and all the paperwork at a particular interest rate. A couple of days before completion they sent through some updated paperwork with a rate 0.5% higher, claiming that the original
was an error, and refused to do anything about it. We were so close that it was too late to look elsewhere and even after
completion they refused to even entertain a complaint.

Im not usually one to let things go, but there was so much else going on that I had to let it go to save my sanity. I hope you have a better outcome.

Earrin · 04/10/2022 21:29

Tell them thats mis-selling and you will report them to the FCA as you have it in clear writing.

They'll back down and honour it when you say this.

UncleHarry · 04/10/2022 22:29

Some funny replies here. Have most of you ever had a mortgage offer? If you have you’ve clearly not read the small print!
The bank can, and will do what it wants. There are clauses in the terms and conditions which clearly state the bank is under no obligation to proceed with the mortgage should they choose not to. It’s very rare a bank doesn’t follow through with an offer as it would obviously quickly get them a bad reputation but there’s also plenty of times it happens. For example if they believe the value of the house isn’t what was they were told or they find other irregularities.
In this case the buyer missed the deadline. The original deadline was end of September. At some stage this has been confused with October. That may have been the banks fault or maybe the brokers. Either way, with rates now much higher they may decide honouring the mortgage isn’t necessary.

You could see this as a lucky escape. Because if you can’t afford the house on the new rates then you’re overstretching yourself and paying more than you can afford!!! And if you can’t afford it now then they’ll probably not find anyone else willing to pay that much either who has to pay these new rates.
The answer is simple! Work out how much you can afford to borrow with the new rates. However much less that now is than before is how much less you have to tell the seller you will now pay. If they say no, just say thank you very much and move on.