Mark Hollands, a director of independent mortgage broker, London Money, answers the question:-
Marg Britton asks:-
"Can a lender change the rate and length of mortgage after illistration when delay is caused by lender losing documents and taking a month to ask questions to documents faxed? The ilistration was done early oct 2012"
Unfortunately, up until legal completion the Lender does reserve the right to change the terms of the mortgage and should provide you with a new illustration outlining full details. If you have already paid a booking fee to reserve a particular mortgage product then there is usually a date whereby you must take the mortgage out or you risk losing both the rate and the booking fee. What I would say however is that if this delay is the fault of the lender in question then you should have grounds for complaint so I would recommend taking this matter further by way of an official complaint.
Further details on complaints procedures can be found by going to the website of the financial ombudsman
If you have a question for Mark go to the Myfinances.co.uk's Ask the Mortgage Expert section
Or for more information on your insurance options go to London Money's website
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