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Mortgage - Change Offer Letter?

  • 06-07-2011 7:14am
    #1
    Glittergirl
    Registered Users, Registered Users 2 Posts: 46 ✭


    Hi

    I wonder if this has happened to any of you out there? We received an Offer Letter from a bank (won't say name), for a variable rate mortgage. We signed it and sent it back and they confirmed receipt.

    Now they are saying that they are changing the offer letter and sending out a new one with additional information that they require that they didn't put on the first one.

    Surely the first letter offer is a legal binding document and they cannot just change things on a whim?

    I've contacted my solicitor, but in the meantime, just wondered if anyone experienced anything like this?

    Cheers


Comments

  • #2
    cookie1977
    Registered Users, Registered Users 2 Posts: 6,794 ✭✭✭cookie1977


    I remember when I requested an offer for a fixed term rate for my mortgage and when I received the letter it said the rate was valid for 2 weeks. A day after I got the offer the ECB upped their interest rate and 5 days later my bank followed resulting in a new fixed rate change but as I sent back the letter signed and agreed within the 2 week offer period they honoured the original rate saving me I think about .3%. Did your letter say a valid period? I'm with ICS Building society


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Banks can change the rate right up to date of drawdown and can withdraw a loan offer if they want so I am sure they have the small print well covered for your situation too.


  • #4
    keithclancy
    Registered Users, Registered Users 2 Posts: 9,208 ✭✭✭keithclancy


    phormium wrote: »
    Banks can change the rate right up to date of drawdown and can withdraw a loan offer if they want so I am sure they have the small print well covered for your situation too.

    You can't do that, its called a Bait and Switch.


  • #5
    phormium
    Registered Users, Registered Users 2 Posts: 3,395 ✭✭✭phormium


    Can't do what? change the rate? you can be sure they can as any number of threads here will show you. It is written into loan offers that rate applicable is the rate at date of drawdown not what was on offer when you applied for loan. They can also withdraw a loan offer if they wish.


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