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  • FIRST POST
    • ArunanandM
    • By ArunanandM 6th Sep 17, 4:42 PM
    • 14Posts
    • 2Thanks
    ArunanandM
    Mortgage change before completion
    • #1
    • 6th Sep 17, 4:42 PM
    Mortgage change before completion 6th Sep 17 at 4:42 PM
    Hi


    Am a FTB. Have exchanged the contract already and the completion is on 15/09. My mortgage provide is Nationwide.


    Have just noticed that the interest rate of my product is reduced from 1.54% to 1.44%.


    Would I be able to change my IR (same product) now? Will it delay my completion by any chance. Is it risky at this point?


    If my bank agrees to reduce the IR, should I inform my solicitor as well?


    Could you please advice.


    Thanks
Page 1
    • jrrowleyws
    • By jrrowleyws 6th Sep 17, 5:35 PM
    • 593 Posts
    • 301 Thanks
    jrrowleyws
    • #2
    • 6th Sep 17, 5:35 PM
    • #2
    • 6th Sep 17, 5:35 PM
    No chance. When you agree a product you are advised that you would need to fully reapply to change products. Its a tough luck scenario I'm afraid. Unless you wing it, fail to complete and owe compensation to the chain just to get a cheaper mortgage...
    • Lilla D
    • By Lilla D 6th Sep 17, 10:32 PM
    • 316 Posts
    • 161 Thanks
    Lilla D
    • #3
    • 6th Sep 17, 10:32 PM
    • #3
    • 6th Sep 17, 10:32 PM
    No chance. When you agree a product you are advised that you would need to fully reapply to change products. Its a tough luck scenario I'm afraid. Unless you wing it, fail to complete and owe compensation to the chain just to get a cheaper mortgage...
    Originally posted by jrrowleyws
    Sorry, but completely disagree and not sure where you got your information from. Most lenders (Nationwide included) allow a product change before completion. Yes, it takes time, but it does NOT require a full new application. All OP (or their mortgage broker) has to do is complete the amendment request form and apply for the new product.

    OP - amending the product details does have the risk of timing, but based on experience, you should be fine. If you applied via a broker, then even better, as they can move things along for you. Yes, the solicitor will have to be informed, but they'll hear about it anyway when they receive the new offer.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • purpleparrotuk
    • By purpleparrotuk 6th Sep 17, 10:50 PM
    • 246 Posts
    • 37 Thanks
    purpleparrotuk
    • #4
    • 6th Sep 17, 10:50 PM
    • #4
    • 6th Sep 17, 10:50 PM
    what is a FTB? (sorry, new here!)
    Originally posted by thebestdayever
    First time buyer :-)
    • AnotherJoe
    • By AnotherJoe 6th Sep 17, 10:51 PM
    • 7,562 Posts
    • 8,166 Thanks
    AnotherJoe
    • #5
    • 6th Sep 17, 10:51 PM
    • #5
    • 6th Sep 17, 10:51 PM
    First.Time.Buyer.

    Lilla, what do you think the odds are of the OP applying for a revision to the mortgage with Nationwide, having that processed, agreed and then the money paid to the solicitor by 15th ( 6 working days)

    I'd have thought no chance ?
    • Fiesto88
    • By Fiesto88 6th Sep 17, 10:56 PM
    • 112 Posts
    • 75 Thanks
    Fiesto88
    • #6
    • 6th Sep 17, 10:56 PM
    • #6
    • 6th Sep 17, 10:56 PM
    First.Time.Buyer.

    Lilla, what do you think the odds are of the OP applying for a revision to the mortgage with Nationwide, having that processed, agreed and then the money paid to the solicitor by 15th ( 6 working days)

    I'd have thought no chance ?
    Originally posted by AnotherJoe
    It depends on the lender's internal process and systems. Some can turn it around within that timescale no problem - the amount being transferred to the solicitor isn't changing so there'd be no need for another notice of completion period. Calling up and asking nicely if they'll speed things up usually helps.
    • Lilla D
    • By Lilla D 7th Sep 17, 9:23 AM
    • 316 Posts
    • 161 Thanks
    Lilla D
    • #7
    • 7th Sep 17, 9:23 AM
    • #7
    • 7th Sep 17, 9:23 AM
    I agree with Fiesto - 6/7 working days are do-able, especially, if OP is going through a broker.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • AnotherJoe
    • By AnotherJoe 7th Sep 17, 9:40 AM
    • 7,562 Posts
    • 8,166 Thanks
    AnotherJoe
    • #8
    • 7th Sep 17, 9:40 AM
    • #8
    • 7th Sep 17, 9:40 AM
    I guess it comes down to "don't ask don't get" so they should be on the phone this morning and see what happens.

    My money's on a phrase involving a snowball and a very hot place but I genuinely wish the OP good luck.
    • ArunanandM
    • By ArunanandM 7th Sep 17, 1:41 PM
    • 14 Posts
    • 2 Thanks
    ArunanandM
    • #9
    • 7th Sep 17, 1:41 PM
    • #9
    • 7th Sep 17, 1:41 PM
    Thanks for all your inputs. Its really helpful to make a decision.


    The difference is £16.72 pm and £401.28 for 2 years (2 yrs fixed term).
    I've decided to keep quiet as the completion is just 5 days away and I don't want to mess it up in the last min for £400.


    Just to add; the rate was 1.74% when I initially got the offer. The bank had then reduced it to 1.54% for the same product. I had reached them out and changed my offer to 1.54% (this was before contract exchange).
    • gatters
    • By gatters 7th Sep 17, 6:22 PM
    • 10 Posts
    • 5 Thanks
    gatters
    OP, I was in a similar situation with Nationwide 2 years ago, although before exchange. 2.14% reduced to 2.04%.

    It took over a week to process, I was interviewed by phone again, product fee refunded and paid again, and delayed slightly as a staff member was on leave.

    I think you've made the right decision.
    • ArunanandM
    • By ArunanandM 8th Sep 17, 11:45 AM
    • 14 Posts
    • 2 Thanks
    ArunanandM
    Thanks.


    They took almost 2 weeks when I asked them to reduce the rate from 1.74 to 1.54.


    Now I feel like I should have gone through an advisor who could have made everything nice and easy.
    • 2nd mortgage
    • By 2nd mortgage 10th Sep 17, 9:49 AM
    • 55 Posts
    • 18 Thanks
    2nd mortgage
    I had something similar in 2013 & my broker was able to get me the new reduced rate in 4 working days.
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