Irish Nationwide Mortgage

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sarahfleming

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Hopefully someone can help me here. Just got a mortgage with Irish Nationwide before Christmas. Its fixed for 3 years and variable thereafter but now when I went in today to make the first payment they told me I have to pay more monthly as the interest rate they gave me and repayments that were worked out, have now increased due to a higher interest rate on drawdown date. Is there anything that can be done here as I feel that they should have informed me of this on signing
 
What does it say on the paperwork that you signed in terms of how binding the quoted rate was? What has your solicitor to say about this? Why on earth did you choose INBS given their terrible track record of dealing with borrowers and the fact that they are not the most competitive on rates?
 
you were badly advised or desperate if you went near that shower.

remortgage with a bank as fast as you can , if you can
 
They say now that the new rates went up the day before drawdown but how can they get away with not advising us
 
Have you checked the terms & conditions of your loan agreement as suggested by a couple of posters above?
 
Irish Nationwide sometimes put a clause into thier loan offers concerning thier fixed rates. This allows you to book your rate, which was quite common during the dizzy heights of the early 90's.

They are one of the few lenders that allow you to book a rate to avoid this particular event happening. Check your loan offer and if you used a broker check with them, who may be able to help. However, I am almost certain that there is very little you can do about it except move after the three year fixed rate.

I don't necessarily agree that INBS rate are the most competative on rates however how bad is the new rate compared to other lenders. What rate did it close at? Was the increase just INBS moving in line with the market (albiet slowly)

BTW - I have no connection with INBS - just trying to give balanced view.
 
We were never informed about booking a rate until all was signed & they were taking first payment then they said oh you should have booked the rate. There is bound to be some comeback due to this lack of good communication on their part.
 
Sarah

A good Broker or Solicitor should have gone through the loan offer conditions with you, and save relying on external sources, did you not read your loan offer yourself?

There is nobody to blame really on this? Anyway, have you compared the rate with other lenders? how far off the mark are they?
 
To all those who posted replies thanks for your input. To let ye know, problem has been rectified in our favour
 
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