Hi
We have just been through a lengthy mortgage approval process with UB for the 3 year fixed rate (which until today was at 4.65%). We were approved, and were awaiting our formal loan offer letter. We have a current mortgage with UB which we are clearing with the sale of our current house.
But today they dropppe the rate! And changed it to 5.34% (a difference in our repayments of 400 euro a month)!
We can't afford this higher rate. I assume that UB are under no obligation to honour the 4.65% rate that we signed up for?
We are under time pressure as we are closing on 24 July. Has anyone else dealt with this? Are we better off starting all over again with the approval process with another lender (next best appears to be Bank of Scotland 2 year fixed at 4.58%). Also consdiering Halifax discounted tracker at 0.35% above the ECB (for first 12 months)...
Thanks for your help,
C
We have just been through a lengthy mortgage approval process with UB for the 3 year fixed rate (which until today was at 4.65%). We were approved, and were awaiting our formal loan offer letter. We have a current mortgage with UB which we are clearing with the sale of our current house.
But today they dropppe the rate! And changed it to 5.34% (a difference in our repayments of 400 euro a month)!
We can't afford this higher rate. I assume that UB are under no obligation to honour the 4.65% rate that we signed up for?
We are under time pressure as we are closing on 24 July. Has anyone else dealt with this? Are we better off starting all over again with the approval process with another lender (next best appears to be Bank of Scotland 2 year fixed at 4.58%). Also consdiering Halifax discounted tracker at 0.35% above the ECB (for first 12 months)...
Thanks for your help,
C