Reassurance needed please. :) Mortgage application

Perelandra

I'm in the process of remortgaging my house to First Direct, as my existing mortgage is getting to the end of its fixed period.

The deal I applied with with FD was a Lifetime Offset tracker mortgage, at BOE BR + 2.29%. I have now seen that this deal has been removed from their website.

The mortgage offer is not quite complete, as there is just the valuation to go. I have had confirmation (text) from FD saying:

"Your mortgage has been agreed subject to valuation, Your offer documents will be issued to you and valuation instrcuted within the next 7 working days". The valuation is due to take place on Monday.

Should I be concerned about whether or not I will get the 2.29%+ rate? I've estimated the value of the house at £250k, but would conceivably be okay LTV-wise as long as the valuation comes back at 230k or above (just dipping further into emergency funds than I would like).

Thanks,

Perry

gazfocus

I think once you apply for a certain rate, the mortgage lender have to process the application based on that rate.

Simon_gloster

Perelandra wrote: »

I'm in the process of remortgaging my house to First Direct, as my existing mortgage is getting to the end of its fixed period.

The deal I applied with with FD was a Lifetime Offset tracker mortgage, at BOE BR + 2.29%. I have now seen that this deal has been removed from their website.

The mortgage offer is not quite complete, as there is just the valuation to go. I have had confirmation (text) from FD saying:

"Your mortgage has been agreed subject to valuation, Your offer documents will be issued to you and valuation instrcuted within the next 7 working days". The valuation is due to take place on Monday.

Should I be concerned about whether or not I will get the 2.29%+ rate? I've estimated the value of the house at £250k, but would conceivably be okay LTV-wise as long as the valuation comes back at 230k or above (just dipping further into emergency funds than I would like).

Thanks,

Perry

Perry

The actual day you made the full application ie they pressed go, is the day the rate and funds are booked. therefore if the rate was available on the day you applied, you'll be fine subject to valuation and maybe income proof.

Perelandra

Update:

On the positive side, FD have confirmed that I'll still get the 2.79% rate, even though this has now been pulled form the market for new applications-

- unfortunately, the surveryor chap has valued the property at £15k less than I did (which makes my semi worth less than the mid-terraces on the same road!), so the amount they'll lend drops by 10k.

On well, I guess my pension contributions this year will come down. At least I'll still get the lower rate though.

Thanks for the above responses,

Perry

Perelandra

Update 2:

Wow... nearly 4 weeks since I made that original post...

I finally have the formal offer from FD, and all's good. I have the original interest rate that was live originally, but the lower over loan amount.

By the skin o' me teeth I got that rate, I think...

So a BOE + 2.29% lifetime interest only offset tracker... :j