Reserving a mortgage

Claxton_Blaine

Hi

Hope this is the right place to post this as I'm a first-timer. Our 2 yr fixed rate mortgage came to an end in July and after looking around and getting some info from this wonderful site we decided we were happy to stay with Nationwide. We reserved a product to start 1st Sept - 6.58% for 5 years 90% LTV and no fees but haven't signed the paperwork yet. However as Nationwide have now reduced their 5 year rate to 6.38% (and also now have a 3 year deal - same rate - with no fees) can we now ask to take up the lower offer? When does the offer become binding?

Thanks for your help.

Trying_to_be_good

What do you mean by 'reserved' if you haven't signed anything yet? Your best bet might be just to give them a call and ask them - it'll be a substantial saving over the 5 yeras (or 3 if you go for the shorter deal).

Claxton_Blaine

Thanks - I'll give them a call.