New Mortgage Deal

captainhaggis

Hi all,

I've just had my offer papers through from my mortgage company to sign up on a new fixed deal. It's a good offer and I'm absolutely going to take it, but here's my question :

The offer papers say the offer is valid until 10th May 2010. I've just made my final payment on my current fixed deal so will, of course, switch to the lender's SVR.

The SVR is about 2%pts lower than the new fixed rate I'm being offered.

My question is this :

Could I spend the next two months on the lender's SVR before sending the loan papers in to the lender to take up the new fixed deal at the last possible opportunity? I'll save about 100.00 a month if I do.

If I don't sign up immediately, do I risk the offer being withdrawn?

Thanks

_Andy_

Yes you just need to liaise with the lender/solicitor to ensure completion is when you want it.
As long as it's prior to 10/5/10 you should be fine.

captainhaggis

_Andy_ wrote: »

Yes you just need to liaise with the lender/solicitor to ensure completion is when you want it.
As long as it's prior to 10/5/10 you should be fine.

Thanks Andy

Because I'm not moving house, I thought it'd be just a straight forward case of signing the papers and returning them before the "valid until" date?

_Andy_

Are you changing lender or staying with the existing one?

captainhaggis

_Andy_ wrote: »

Are you changing lender or staying with the existing one?

Staying put, mate.

My old fixed deal has ended so I'm getting a new one. Same property. Same loan amount. Same lender. Nothing at all is changing except the APR which is reducing!