Amended re mortgage loan offer any advice

Hello we are in the process of re-mortgaging with a bank i dont know if i can name the lender on this site but anyway we have signed our facility letter or letter of offer and returned it through our solicitor within the month required by the lender.However to cut a long story short the tracker rate in our first letter of offer APR is 4.80% one month later may 08/05/08 they sent out another letter of offer and the rate now is 5.22% the difference in monthly payments is 60 euro extra from the first offer can they do this the ECB rate didnt go up recently or did it.
Any advice please thanks painter man.

Hi think it's at 4% at the moment but if you took at the T&C's of the contract the bank will pass you on the rate but reserve the right to do that with adding a certain percentage on for example 1.50% as far as I know so they can add that on to the 4% ...

The lender will generally reserve the right to alter the terms & conditions of the loan offer up until it is drawn down. Check with them what the applicable rate will be right now.

Hi evi3 i have contacted my independant broker and complained about this awaiting a reply Tks painter man.

I think you are wasting your time. The loan offer terms & conditions most likely allow the lender to alter the offer before the mortgage has been drawn down.

Hi clubman do you think they can rise it again before drawdown my broker is hopefully talking to them about this issue.cheers painter man

Clubman The brookers commision is also at stake here painter man.

painter man said:

Hi clubman do you think they can rise it again before drawdown

Click to expand...

Check the terms & conditions - they most likely allow them to change the rate at any time before drawdown.

in the current climate the banks are changing rates on a daily basis - if this is a remortgage draw down asap as it doesnt look like they will be dropping anytime soon