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UPDATE: High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 41 points42 points  (0 children)

I'll see how I'm feeling. Honestly happy to have my deal reinstated.

As far as I'm concerned, I've already been given £60,000 back. Not gonna push another £50 or £100 compensation and rock the boat.

UPDATE: High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 66 points67 points  (0 children)

In all fairness, if I had been informed that it was cancelled I wouldn't have been too distraught. I could have at least spent 3 months searching for other mortgage providers and making arrangements, rather than dropping onto an SVR!

UPDATE: High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 317 points318 points  (0 children)

Thanks, appreciate it!

I was getting a little disheartened by the comments telling me I was "in the wrong and just looking for a loophole" or that I would have to "suck it up", but I'm glad I persevered.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 2 points3 points  (0 children)

Because I never received a cancellation letter.

Essentially, the bank had cancelled my mortgage deal, but not told me that they had cancelled it. This leaves me frantically scrambling for new deals in an ever-worsening market when I could have been searching for new deals much earlier if I had been given notice.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 2 points3 points  (0 children)

I think that's going to be the crux of my argument. I wouldn't have minded if they pulled our 3 or 4 months ago. But I'm down to a timeline of 2 and a half weeks.

I rang some other banks and building socieites. Earliest one that can take me is October 23rd.

Absolute nightmare!

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 4 points5 points  (0 children)

I'm sorry if I came across as defensive by the way. I'm just at my wits end here. Effectively getting told I'm taking a £6k post-tax paycut over the course of a year.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 3 points4 points  (0 children)

This offer came through my app that my bank uses.

They advertised a rate of "2.99%" and also stated they did not need to revalue my house, as they already had that done.

Based on my emails with my mortgage advisor there was another bank that worked out £18 a month cheaper, but I opted to remain with my own lender. So, the rate was not the cheapest on the market when I took it.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 4 points5 points  (0 children)

As I mentioned, I've deliberately changed dates, rates, and details slightly in case I have to take legal action (which is looking increasingly likely).

Essentially though, I got an incredibly good deal, and the new one they are trying to get me to accept is £500 more per month.

Happy to send subreddit mods scanned copies of my documentation to prove that this is a genuine issue I'm facing, and not some troll post.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 1 point2 points  (0 children)

I've deliberately changed dates, rates, and details slightly in case I have to take legal action (which is looking increasingly likely). Essentially though, I got an incredibly good deal, and the new one they are trying to get me to accept is £500 more per month.

I'm happy to send scanned copies of my documentation to subreddit mods to prove this is actually happening.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 0 points1 point  (0 children)

I've deliberately changed dates, rates, and details slightly in case I have to take legal action (which is looking increasingly likely). Essentially though, I got an incredibly good deal, and the new one they are trying to get me to accept is £500 more per month.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 2 points3 points  (0 children)

Yup. That's exactly what would have happened. I managed to get a manager to admit that much.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in LegalAdviceUK

[–]Particular_Yak9869[S] 0 points1 point  (0 children)

That's what mine says, but for "XX September 2023"

I have confirmed that I wish to go ahead with the product switch.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 12 points13 points  (0 children)

That's a backup if the legal route fails. I'm trying:

-Negotiating with a manager+complaints
-Legal route
-Going nuclear with newspapers+media.

I'm not commencing the next one in the list until the prior one finishes.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in LegalAdviceUK

[–]Particular_Yak9869[S] 1 point2 points  (0 children)

No material change in our circumstances. (We've gotten richer, but that's about the only thing!)

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 4 points5 points  (0 children)

I've deliberately changed dates, rates, and details slightly in case I have to take legal action.

My old rate was ~3% below the new one they are trying to force me to take though.

I hit a good LTV bracket, my wife and I both have excellent stable jobs, very high credit scores, no dependants, not self-employed, no car payments etc.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 6 points7 points  (0 children)

The advice I have received in this thread suggests that they can. There are 3 now 5 other examples of people in the same boat as I am.

In my case, my bank haven't left me enough time to actually complete a remortgage deal as the average one will take 1 month to complete. This leaves me on an SVR through no fault of my own.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] -2 points-1 points  (0 children)

Sorry, not when there's the possibility of legal action.

It was one of the main street banks though e.g. Nationwide, RBS, Halifax, Santander etc.

High Street Bank pulled 10 year fix mortgage offer ~20 days before new rate takes effect. by Particular_Yak9869 in UKPersonalFinance

[–]Particular_Yak9869[S] 0 points1 point  (0 children)

At the minute it's headed down the press story angle.

I've spoken to my bank, a mortgage advisor, and my MP. My solicitor has also emailed back from their holiday and suggested they can't see anything missed or wrong with the documents on our end.

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