mortgage rate drops again after i get mortgage offer

puregeordie

OK thanks for advice.

Dan-Dan

my Halifax offer says in the small print they are currently allowing a refund of a valuation fee and putting it towards a new property should your purchase fall through...is this still valid (just wondered as i have no intention of allowing our house to fall through!)

I could ask my broker but i am just curious as it kind of relates to this thread

kingstreet

Dan-Dan wrote: »

my Halifax offer says in the small print they are currently allowing a refund of a valuation fee and putting it towards a new property should your purchase fall through...is this still valid (just wondered as i have no intention of allowing our house to fall through!)

If the valuation has not been done, yes. If it has, no.

Basically, has the money been spent.

amnblog

I bet it was the stamp duty incentive product.

puregeordie

kingstreet wrote: »

If the valuation has not been done, yes. If it has, no.

Basically, has the money been spent.

This is somewhat incorrect,

If the valuation has been paid for and the mortgage application does not go ahead with no fault of the person getting the mortgage out then the second valuation would be refunded if you progress onto buying another property, As it states;

Valuation Fee Promise - Factsheet
[FONT=Arial,Arial][FONT=Arial,Arial]At Halifax we believe that buying a home should be made easier and less stressful, and we have developed our Valuation Fee Promise to help with that aim. [/FONT]
[FONT=Arial,Arial]This factsheet details all of the information you need including our Terms and Conditions. [/FONT]
[/FONT]What is our Valuation Fee Promise?

[FONT=Arial,Arial][FONT=Arial,Arial]From 25 June 2012, if for any reason a customer’s house purchase falls through and they go on to start a new mortgage with us on a different property, we will
[/FONT][/FONT]

refund the first valuation [FONT=Arial,Arial][FONT=Arial,Arial]they paid to us (level 1 or level 2 only). We will send the refund to the customer(s) after the mortgage has completed. [/FONT][/FONT][FONT=Arial,Arial]

[/FONT]Terms & Conditions
[FONT=Arial,Arial][FONT=Arial,Arial]This offer is available to Homemovers and First Time Buyers only. It is not available for Remortgages, Product Transfers, Further Advances or Buy-to-Let mortgages. [/FONT]
[FONT=Arial,Arial]We will only refund the first valuation fee, and we will only refund level 1 or level 2 valuations where the valuation surveyor has been instructed by us as part of the mortgage application process. [/FONT]
[FONT=Arial,Arial]Please note, this is not an incentive and it does not appear in the KFI. As such, the offer should not be used to influence sales. [/FONT]

[FONT=Arial,Arial]Our Valuation Fee Promise is [/FONT][/FONT]available from 25 June 2012[FONT=Arial,Arial][FONT=Arial,Arial], but it may be withdrawn at any time[/FONT][/FONT]

http://www.halifax-intermediaries.co.uk/pdf/valuation-fee-promise-factsheet.pdf

thanks.

Dan-Dan

^^^^

that`s what my booklet says as well but its at home so i couldnt type it out as above, our valuation has been done..

dumpallhere

I've done something similar (Halifax) to what you are asking about.

Applied for a 2 year fixed rate product - valuation done, offer received.
Applied for a 5 year rate product with a different LTV - same property as above - waiting for the offer.

The product fee is same for both products, which I have asked to be added to the loan initially. I'll pay it within 30 days of completion ...

I should have received the offer for the 5 year fixed rate application by now but there was an error in the "confirmation of incentive" form submitted by the sales representative. An amended form has been submitted but Colleys / surveyor is taking their sweet time to update it on the system. Unless that is done, a new offer cannot be issued. I am told by the advisor at the branch that an offer will be issued as soon as the system is updated with the changes (so apparently quick / instantaneous as already indicated by few above unless there's a adverse change in applicant's credit rating that may influence a new decision).

AIUI, you can apply for a new product without having to pay product fee again as long as you apply for it before completion.

kingstreet

I can't always be specific about a particular lender's offer at a particular time. Generally, if you pull out after the valuation is done, the fee is spent and you'd have to pay another one if you change property mid-application.

Often, answers are given which reflect that other readers may come after those posting and nothing is designed to be tailored advice or help for an individual.

If a specific answer is required for a specific situation with a specific lender, the applicant would be best served by asking their professional advisor or lender directly.