Loan offer - tracker rate change

S

SunnyMan

Guest
Hi

I received a loan offer letter (tracker) from ebs back in sep, and the rate is +1.20. i want to drawdown this week, now the guy and girl who im dealing with said it should be +1.20. But unfortunately their cheque issue team said it was a mistake, and the rate need to be amended to +1.44, and they would not issue the cheque at the rate i received +1.20. if i want to drawdown, they only can do at +1.44

can they do that? can they change my loan offer within 3months?
 
*Sunny* said:
Hi

I received a loan offer letter (tracker) from ebs back in sep, and the rate is +1.20. i want to drawdown this week, now the guy and girl who im dealing with said it should be +1.20. But unfortunately their cheque issue team said it was a mistake, and the rate need to be amended to +1.44, and they would not issue the cheque at the rate i received +1.20. if i want to drawdown, they only can do at +1.44

can they do that? can they change my loan offer within 3months?
Click to expand...

They can usually change the rate up to the drawdown date. Check the terms and conditions of the loan offer and see what it says.
 
I am like you first time buyer and in the process of drawing down a mortgage with EBS and I am not tracker but fixed, and although they issued my cheque over 6 weeks ago, I still have not closed my sale, and will not probably for another few weeks, so like you they raised the fixed rate and mine was competitve at 4.99% then 5.1% and now 5.65% so that is some increase. 205 euros to be exact onto my monthly repayment. I do appreciate rates do fluctuate, but this is scandalous, and I have written to them as I am not going to accept this increase as I am 3 year fixed and given today current climate this is not competitve. It is a big strain on a FTB and as my situation is that I have yet to drawdown on my mortgage so to me they issued my cheque prematurely and these rates should not be applicable until I am ready to close this sale. Rates at present for 3 year fixed is 5.15% big difference so I will be looking for a follow up on this, maybe you should raise the issue with them too if you warrant that your rates have increased considerably. I think we all know the banking crisis is not our fault so we should not be made to pay for it.
 
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