Lender's rate has reduced since I began application - can I take advantage?

ellives

Hi

I have completed much of the mortgage application with YBS and booked onto the 3.99% 5 yr fix, which back in June was market leading.

I have stalled the later stages of the mortgage process (I've done all of the credit checks, proof of income etc) due to house sale falling over.

With 2 weeks left of 90 days grace lender allows I have found another property and I am ready to proceed to valuation survey stage.

During the summer however, the 5 yr fix @ YBS has reduced to 3.39% - and by paying this rather than 3.99%, I could enjoy a saving of almost £5k over the 5 year period.

My question is will I be allowed to slide across onto this rate - the booking fee is identical or is it booked to me at the higher rate and I'll have to lump it or start all over again?

Advice please?

whatyadoinsucka

The fee is a sunk cost, so u will have to pay another fee to get the lower rate

ellives

£995 (£195 of this fee is payable on application and is non refundable, £800 is added to your mortgage on completion).

I've paid £195 so far, so you suggest that I may lose this but could switch if I pay a further £195 (as it's the same £995 for the reduced rate.

Ms_Scarlett_2

ellives - I shall watch this thread with interest. We applied for an AiP on the 3.49% YBS 5 year fix which has since gone down to 3.39% while we've been waiting for our referral to be considered. If it continues to go down after (and IF) we get an AiP from then, I'd be interested to know what the score is.

Incidentally, did you find getting an AiP from them took forever, or were you not referred? How quick were they at getting things done once you get to full application stage? Should we be prepared for further delays?

Thanks in advance and best of luck.

Chin

I can tell you thant answer to this now from recent experience.........

Yes you can change - you will need to pay another £195 to do so but very easy to do.

ellives

Chin is correct - will cost me an additional product fee - £195 - but will save £5k!!!

Ms Scarlett - the AiP was quick, but they did mess around re@ online banks statements etc.