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Drawn down on mortgage - Rate changed

  • 10-05-2011 10:21pm
    #1
    asjm
    Closed Accounts Posts: 21 ✭


    Hi,
    got a loan offer with the ICS building society for a 3yr fixed rate @4.34 %, we were delighted so we signed the loan offer early march and we were just waiting on site to be transfered into our names, took OH parents solicitor nearly 2-2.5 months to get it done, he delayed the whole thing, every week our solicitor was on the phone asking us to get OH parents to get in touch with him as he wasn't answering any of her calls or emails. to cut a long story short the site was eventually transfered into our names at the end of April, rang our mortgage broker today to see when monies would be released, only to be told that our 3yr fixed rate had gone up to 5.34% since the 15th April.....

    Sorry for rant but I'm so cross. Is there anything that can be done???

    Thanks


Comments

  • #2
    Formal shorts
    Registered Users, Registered Users 2 Posts: 197 ✭✭Formal shorts


    Nope.

    The rate at the time of drawdown is always the one that is applicable.

    Don't mean to sound short - appreciate it's frustrating, but you genuinely have no recourse here.


  • #3
    asjm
    Closed Accounts Posts: 21 ✭asjm


    thanks formal shorts, kinda knew what the answers were going to be before posting!


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