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Mortgage approved, rates dropped
lionelator
Posts: 193
Forumite
Hi all,
I applied for an HSBC term tracker about 3 weeks ago.
All went well, approved and had the mortgage offer come in over the last week.
The survey has just been done, and now waiting on them to give the final authorization.
Just checked today, the mortgage rate for the 80% term rate has dropped from 3.39, which is what we have agreed, to 2.99
Obviously since I havent started or drawn down on the mortgage yet ideally I dont want to lose out on the better rate.
What are my options?
Please dont say I have to start a completely new application!
Thanks,
I applied for an HSBC term tracker about 3 weeks ago.
All went well, approved and had the mortgage offer come in over the last week.
The survey has just been done, and now waiting on them to give the final authorization.
Just checked today, the mortgage rate for the 80% term rate has dropped from 3.39, which is what we have agreed, to 2.99
Obviously since I havent started or drawn down on the mortgage yet ideally I dont want to lose out on the better rate.
What are my options?
Please dont say I have to start a completely new application!
Thanks,
0
Comments
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Ring them up and ask them to change the rate?
Whats the worst that can happen? They say no, you get the 3.39 you applied for.
If you withdraw the application and re-apply there is always the chance they will decline you the next time round. HSBC's cherry picking is well documentedI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
They should be able to change the rate for you without any new underwriting.
Factor in the cost of additional fees though. Is there a fee for the new product? Is the fee for the old product refundable?0 -
lionelator wrote: »Hi all,
I applied for an HSBC term tracker about 3 weeks ago.
All went well, approved and had the mortgage offer come in over the last week.
The survey has just been done, and now waiting on them to give the final authorization.
Just checked today, the mortgage rate for the 80% term rate has dropped from 3.39, which is what we have agreed, to 2.99
Obviously since I havent started or drawn down on the mortgage yet ideally I dont want to lose out on the better rate.
What are my options?
Please dont say I have to start a completely new application!
Thanks,
Sorry I might be missing the obvious here but isn't tracker mortgage supposed to track the base rate? So the rate has changed in the meantime that change should affect your mortgage interest rate too, no?Don't get mad, get even :A0 -
No, the OP is complaining that the margin above base rate has changed between his application and now.
The Base rate hasnt changed in the last 18 months!I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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