Should I feel stupid or hard done by?

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gebbel

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I would appreciate any advice on the following:

Went sale agreed on an apartment in February.
Mortgage Broker advised on First Active 1 year fixed mortgage @ 4.34%.
Mortgage drawn down in early June. 1 year fixed now @ 4.68%.
2 weeks before 1st instalment was paid, received letter about an increase in monthly repayments (I was meant to be on a fixed!)
Turns out I had been put on a Standard Variable mortgage @ 5.1%.

My broker says that first active caused the mistake when issuing the mortgage pack. Neither my solicitor nor myself copped their mistake and I signed everything. Now I want to be returned to the 1 year fixed rate. Problem is that this rate is now 4.99% and first active will not honour the 4.68% (in February it was 4.34%!!).
By the way the difference in monthly repayments between a 4.68% and a 4.99% mortgage equals €49.67 per month or just under €600 for the year. My broker says I should feel aggrieved, which I do.
Is this a case of tough luck for me, or should I argue strongly because first active generated the problem originally.
Thanks
 
Re: Should I feel stupid or hard done by??

What you requested them to send out will have no relevance here.

Did the mortgage pack clearly state that it was the variable rate they were offering? If so, the problem may be between you and your solicitor.
 
Re: Should I feel stupid or hard done by??

Yes, the mortgage pack stated variable. I never looked into it as I would never have believed such a mistake could be made
 
Re: Should I feel stupid or hard done by??

TBH the lender will have all conditions on their loan offer and it is up to the person signing the document to read them.

Do you and/or the broker have a copy of the original application in which you requested the fixed rate? If the broker has, it might be worth faxing it to the lender who may honour your error to maintain the broker lender relationship?
 
Why is your broker not negotiating with the lender on your behalf? That's the idea of using a broker isn't it?
 
You should have read the contract before signing it. Sorry this happened, but the mistake could have been recified if you had read everything carefully. My guess is the bank will say it is too late to change it now. The purpose of signing something is to say you agree with it.
 
CCOVICH said:
Why is your broker not negotiating with the lender on your behalf? That's the idea of using a broker isn't it?
Click to expand...

Broker is negotiating. Bank have said tough luck but broker reckons they are being unduly harsh and we should make representations to them. I know I should have read in detail the agreement but I never for once believed the bank could have made a mistake like that
 
gebbel said:
Broker is negotiating. Bank have said tough luck but broker reckons they are being unduly harsh and we should make representations to them. I know I should have read in detail the agreement but I never for once believed the bank could have made a mistake like that
Click to expand...

Why? There been massive bank mistakes highlighted in the press in recent years. You shouldn't assume anything if you are signing something.
 
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Gebbel - I can't see you or your broker winning an argument here with the bank. I'd be a bit concerned that your solicitor didn't pick up on it, though.

Bob
 
Don't think you have any come back.
Your solicitor should have picked up on it when offer was issued.

When you were signing the mortgage offer to accept, you should have also checked through the details. It would have been evident in at least 2 places.One of them a table showing the repayments over the 25 years which would have shown you were not on the fixed rate.
 
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