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Please help - mortgage rate changed
spluff
Posts: 186 Forumite
Hi all,
I recently applied for a flexaccount Nationwide mortgage and the rate was 2.89 - I just checked and now it is 2.79....
Ive paid the £900 fees already but the mortgage doesnt start until 1st Jan 2013...
Can I do anything to get the slightly better rate?
I recently applied for a flexaccount Nationwide mortgage and the rate was 2.89 - I just checked and now it is 2.79....
Ive paid the £900 fees already but the mortgage doesnt start until 1st Jan 2013...
Can I do anything to get the slightly better rate?
0
Comments
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Lenders will normally allow you to change to a newer product before completion, subject to the payment of the administration fee for the new product.
It's one of the reasons fees are charged, so borrowers don't jump ship, leaving the lender with unfilled products which have cost implications for them.
If rates had increased in the interim, you would have still got your agreed rate, so the system works fairly, IMHO.
Ask Nationwide its policy.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Nationwide normally has a £99 booking fee so if you change rate pre completion you have to pay a new one.
As Kingstreet has said, check with NW to see if they will let you swap. If they want you to pay the £900 again as well as £99 then it may not be worth switching, as it may cost you more than you will save.0 -
yaeh if its just the £99 fee then it will be worthwhile....0
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I recently changed my rate in this way with Nationwide. I just had to pay £99 again.0
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that is good news
pay £99 to save around £500 over the 4 years...0 -
just spoke with a grumpy mortgage advisor at Nationwide....
they said the only option I can do is to cancel the existing offer in writing (this can take up to 14days) - i will be refunded my £900 product fee to my card...
i didnt pay a £99 reservation fee..
then once confirmation the product is cancelled - apply for a new offer but the rate could have changed again....
Sounds like a right pain in the backside - littlesparkles could you do yours over the phone - who did you ring?0
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