Please Help before i Sign the Papers!!!!

Yella77

I have just had my motgage application accepted and would be sorting out all the paper work in he next couple of days..

My question is the rate i have agreed to whilst processing the application was 6.7% and with the new base rate cut, would that put me in a position to re-negotiate my rate to reflect the lowering of the base rate today?

Any advise would surely help.

Thanks

manikm

Yella77 wrote: »

I have just had my motgage application accepted and would be sorting out all the paper work in he next couple of days..

My question is the rate i have agreed to whilst processing the application was 6.7% and with the new base rate cut, would that put me in a position to re-negotiate my rate to reflect the lowering of the base rate today?

Any advise would surely help.

Thanks

is it a fixed or tracker - 6.7 seems quite high...

Yella77

Its a fixed mortagage and I wondered if can be negotiated to come down and the reason it's so high is cos i only agreed to pay 5% of the deposit. I was told if I had more deposit it would be less..

minimike2

To be fair for 95% thats not a bad rate.

Just because base rate comes down, doesnt mean that mortgage rates do (unless they are existing trackers of course).

ad9898_3

I'd think carefully, having a 95% mortgage now means your deposit will have disappeared before christmas and you will be neg equity, with all the issues that go with that.