Full natwest mortgage offer now rates have dropped!!

vlevans

Hi all just wondered if you could give me some advice,
After struggling to secure a mortgage with a lender (due to my husband not having enough accounts from him taking over his fathers business in jan) we finally got our full mortgage offer from natwest last week details are as follows:
Purchase price 204k
Mortgage needed 173k
2 year fixed rate 5.19%

But yesterday I looked on natwest's website and they are now offering a 2 year fixed with 15% deposit at 3.89%:mad:

Now this is a big difference so we are thinking of re applying obviously we will have to pay £999 product fee again but this will still save us money over the 2 years.

The thing I am worried about is after struggling to secure the mortgage and finally getting the full offer if we want to change the rate can they then turn us down all together after they look at the case again?

Also how long will it take roughly because we are hoping to exchange very soon with completing at the end of the month.

Sorry for the long post hope it makes sense!

Thrugelmir

Give them a call.

Are you adding your fees to the mortgage advance?

vlevans

We added the original £999 for the 5.19% mortgage to the mortgage, but we would have to pay another £999 that cannot be added outright.

My husband is going to ring them and ask I there's any chance we can be turned down when changing the rate to see what they say.
It's just so frustrating!

Thrugelmir

vlevans wrote: »

We added the original £999 for the 5.19% mortgage to the mortgage,

I asked as does that tip you into the 10% LTV on the figures you've quoted.

Natwest do a range of mortgages. So the drop in rate is significant and so are you comparing like for like?

somethingcorporate

Thrugelmir wrote: »

I asked as does that tip you into the 10% LTV on the figures you've quoted.

Natwest do a range of mortgages. So the drop in rate is significant and so are you comparing like for like?

Interesting, is this always true nowadays?

On our Skipton's mortgage they took the LTV to be before they added the fees on top. We were 90% on the button (FTB) but would have been over when they added the fees on.

OP, give them a call and discuss it. We did this with Nationwide twice and they happily dropped the rate to the new one.

vlevans

No it does not tip us in to 10%
But even a 10% deposit 2 year fixed is 4.89% so still cheaper!
Husband has phoned them and they said they do not need to do anymore checks just need to amend the full offer and they will send out a new full offer with the new rate on it asap and we should have that by Friday

Thrugelmir

vlevans wrote: »

But even a 10% deposit 2 year fixed is 4.89% so still cheaper!

That's what I believe you were initially offered, albeit at a higher rate!

Shows its worth checking the paperwork!

vlevans

Just a quick update we applied for the reduced rate and it was approved, full mortgage offer for the new rate 3.89 came yesterday! Very happy:D