Hi,
Just wondered if I have lost the plot. I have been with my present mortgage lender for some 4 years. I initially, on buying my present house, new build, had to get an extension 3 times ie a mortgage is only good for 3 months then you have to go through the checks again. no problems with that.
I have changed product type once as I do not like to be tied in, no problem there. Recently I got an advance no problem there. Each and every time the completion of monies was not carried out until signed paper work returned.
3 weeks ago I enquired about a fixed rate product the chap stated he would send the quote in the post. I received it and as interest rates had dropped did not want to sign.On Friday I recieved a letter from the lender saying that as my DD was due out soon can I sign the document. I was some what confused by this as this was not normal. On reviewing my mortgage account online I note that 395 administration fee had been added to the mortgage balance.
On contacting the lender I was informed that they had indeed switched me to the new product. I explained that this was not approprate as I had not signed the paper work. She exlained that company policy is now that if a customer requests a new product then they are changed over.
I cannot remember the exact conversation I had with them back on the 28th July when asking about the product. Even if I did say I wanted to switch surely I am not bound until I have signed the dotted line???? After all the paperwork states please see a solicitor before signing.
I am not happy with this. The Team Leader is going to contact me tomorrow to discuss further.
Any help appreciated.
Regards
Alan.