Changing to different rate after mortgage offer has been made

Norfolkbor

Hi,

Just been had application approved for HSBC 90% 2 year fixed rate mortgage and paid the application fee of £599 on my debit card.

However, just seen that not only have HSBC dropped their application fees for a 90% mortgage to £99 but they have also drop their fixed rate to 5.09% from the 5.49% we orginally agreed.

I worked out that with this new product over two years we could save £1460.

Is there anyway we can change to this lower rate as its a better offer?

Many thanks.

_Andy_

Have you ring them and asked?

Norfolkbor

Not yet, just seeing if there is anyone out there who has previously done this...

GMS

Norfolkbor wrote: »

Not yet, just seeing if there is anyone out there who has previously done this...

There have been people change products after offer but each case is different.

From a lender point of view why would they want to offer you a better rate when the offer has already been made? They may make it awkward for you to change the product.

Do you have any time constraints? A new product may take time to be applied delaying your completion.

As previously said you need to call HSBC asap. They may want to re underwrite the case despite the new product being cheaper.

Give them a call and take it from there

Good luck

firstaspect

Just ring them up and ask.

Norfolkbor

Hi,

We've been allowed to change to a different rate, but have to pay another application fee. As this is now only £99 its still worth while as it'll save us about £900 over the 2 years of the fixed rate deal.

The only problem now is that our house purchase has fallen through so we'll have to port the offer to another house. I guess thats just a matter of changing the details as long as we dont go over the agreed lending limit?