Arranging a mortgage

tim_n

I've been working with charcol online as a mortgage broker and I've been told today that some rates have been reduced. The original suggested mortgage was suggested a week ago yesterday and we've still not got to the state where the mortgage in principle has been agreed (much to my dismay)

I'm paynig for this advice (£199) and a £75 special offer fee - it saves me money over what I was originally going for but feel miffed that I'm paying £199 for what is old information now considering the market is changing.

I've also just been told that this mortgages rates are changing today and they will secure these rates as long as I post off all the information immediately, but they can't say if they're going up or down.

What should I do?

btw my advisor reads these forums apparently!

LisaT186

In all fairness the mortgage market is an ever changing entity and any quote you are given is only valid for the day of issue because of that. If information is required and forms needed for the deal you were quoted then you won't be able to secure it until this is all together. Again it is dependant on lender, there are a few that will allow a Decision in Principle to secure funds, but in the majority of cases a full application is needed. Rates at the moment are changing daily and some with not a lot of notice and the broker is unlikely to know in what direction they are moving but at the moment it always seems to be up! (even when I worked for a lender it was the same). I can only suggest that you complete any forms and provide any documentation that your advisor has asked for and get it to him/her ASAP for them to secure the new rates. Hope you get it sorted soon.

tim_n

Looks like I was accepted and even though the buyer was AWOL in another country, he arrived the same day the valuation people came onto his doorstep - so the valuation has been done now, the paperwork is in the post and finally things can start progressing. Better join the race to be in now = )

Rick62

Well done, it looks like you've secured the rate you wanted.

Right now rates and mortgage products, particularly Fixed rates are all over the place, mostly upwards, with rates being pulled without even the lenders staff being notified, rates being pulled the same week they are introduced and lenders with good rates being swamped and taking up to 2 weeks just for an online Agreement in Principle.

So if your broker comes up with a good product for you, don't mess around, he's not trying to put you under pressure if he says the rate needs to be secured immediately, its in all probability true.