Changing mortgage deal during application

DIY_Dave

I am currently remortgaging with the Yorkshire Building Soc. I have chosen the 5 year fixed 85% LTV help with fees @ 5.69%, however the YBS seem to have now reduced their rates and the same deal is now available @ 5.29%. As our remortgage is yet to complete (still with solicitor) what are the chances of the YBS allowing me to change to the better rate???

Wh05apk

Should be able to, they may charge a fee for changing after the offer has been issued.

DIY_Dave

Thanks for the reply. So would I likely need to pay for the new product fee? I assume it wouldn't be like starting the process again having to get valuation carried out again?

dwsjarcmcd

No you wouldn't need to start the process again, as Wh05apk says you would just pay the product fee again. YBS usually charge a smaller (circa £200) arrangement fee which is non-refundable and then charge any balance on completion. This would only be payable on the new rate.

Tigerite

I had a similar situation, in that I wanted to switch from YBS's 5.49% (£195 fee, £800 added to mortgage) to the 4.99% (same fee, £1300 added to mortgage) 10 year fix - however this was when the application was "awaiting processing". They changed it for me without any issue, but did charge me the £195 again, which I thought was a bit cheeky - but I suppose it is "non-refundable" and I had already submitted the full application. Just wish I'd waited an extra two days However, they did not charge me again for the valuation.