Applying for a diff mortgage product with same lender

livalicious

Hi there,

We are FTB's, had our mortgage approved few weeks ago with Notts BS, and Ive noticed that alot of lenders have reduced their fixed rates recently, including Notts.

The mortgage rate we have is 5.29% for 3 years, 15% deposit. Now they offering 4.99%. I know its only a £30 per month difference but thats a saving of £1080 over the three years.

My question is, do mortgage lenders allow you to change the product or rate you have with them, once the mortgage offer has been approved? We have paid a booking fee and the valuation/arrangement fee will be paid at the end/date of completion. If they do allow this, I understand we would probably have to pay the booking fee again, but would they have to do the whole application again, valuation, etc, or just literally change the rate and date the fixed rate ends?

Thanks!

_Andy_

You need to ring them and ask to check about fees etc but no they wouldn't need to do the checks again.

livalicious

Turns out its not a problem to change product with Notts to the reduced rate, for a fee of £35, but we can only do this in branch. Nottingham is miles away!!! All we would need is to get there and then computer says no... Why is housebuying so complicated, surely this could be done by post?!