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2 Rates Changes During Mortgage Switch - Just Suck It Up?
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06-06-2008 12:04pm#1Ok, So I am switching mortgages from my current bank to IIB.
When I started the process via broker, IIB were offering 4.85% for 3 year fixed, then when I got the loan offer it had gone up to 5.09%. Over a week ago (probably longer) loan offer was signed everything was in, but apparantly IIB were waiting on some confirmation from the valuer which was provided last week on May 29th/30th.
Now after a long weekend, IIB change their rates again to 5.39%, and I now get the cheque sent out, and a letter saying, rates changed !!
I am feeling a bit screwed here, and kinda feel like they held off the cheque due to the upcoming rate change.
:mad:
Do I just have to suck it up ?
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Do you have to proceed with this now? Has it cost you anything? Is the IIB rate worth switching to anymore - why not stay where you are or try somewhere else. What size of mortgage have you got and how much id the house worth?
My broker has asked for a investigation as it seems like some internal delays between IIB and their valuer has caused the delay in cheque issue, and a result a higher rate for me.
My solicitor is also holding the cheque until my broker gets the final word from IIB.
With the speed things are changing I don't want to start the process all over again, plus it is a switcher with a top-up which I need within the next few weeks. Never easy..... 0 -
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