Interest rate change

Chin

Hi all

We're in the process of finishing up our mortgage application and today i've since noticed on the lenders website the interest rate has changed significantly (reduced).

When is it too late to want to change?
Would it have to be before an offer is produced or can I change right the way up till when the money gets drawn??

I've spoke to the lender and they are fine with me changing, i'll just have to pay another product fee but just want to be sure if I need to do it before a formal offer is made...

thanks

kingstreet

Chin wrote: »

Hi all

We're in the process of finishing up our mortgage application and today i've since noticed on the lenders website the interest rate has changed significantly (reduced).

When is it too late to want to change?
Would it have to be before an offer is produced or can I change right the way up till when the money gets drawn??

I've spoke to the lender and they are fine with me changing, i'll just have to pay another product fee but just want to be sure if I need to do it before a formal offer is made...

thanks

Lender's choice I'm afraid. Northern Rock won't let you change even if you cancel the application and submit a new one. If you are having to pay another fee, is it worth it?

Chin

hi

we've changed our product now, wanted to get it done sooner rather than later in case there was a cut off once a formal offer was made.

yes it was worth the additional £195 product fee.
the reduction in interest rate represented a saving of £43 per month