N&P 5 year fix now 2.59%

bugbyte_2

Hi, I have applied and got a mortgage offer for N&P's 5 yr fix @ 2.74% which will start in September. They were really efficent and processed the application in 23 days.

HOWEVER - they have now dropped the rate to 2.59% for the same product. I will 'phone them tomorrow to see if I can change to the new rate which will save me £800 over the 5 yrs. What are my chances??

bugbyte_2

Update if anyone is interested - N&P swapped us over to the new rate with out any hassle just a £20 fee for a new mortgage offer. Well done them!

unmissable

hi
I am in a similar situation.
I have accepted a mortgage offer on N and P's 2.74% fix for 5 years. I have exchanged contracts and am due to complete on 1 Aug. My solicitors have not called forward the funding yet.

Do you think I would be able to switch at this late stage?

Would it delay my completion date? (which is obviously a contractual liability now).
Would it require another check on credit reference? (not that I expect any issues but from what I read, the more hits on the credit score the worse it gets).

I have read through the paperwork and it appears I am not bound until I have signed the mortgage deed (I have) AND my solicitor has drawn funds (they haven't).

Obviously I will phone them on Monday morning, but what is the opinion of the experts out there? Will I jeopardise the completion date of 1 Aug my asking for a change?

bugbyte_2

I had got to the stage where I had completed all paper work and sent it off to Enact - their legal team - and received a cream coloured 'Offer Conditions' pack with Mortgage Offer. I was surprised that there was nothing to sign in the pack apart from an insurance arrangements statement so I don't know if I have signed the mortgage deed yet or not. In any event N&P were happy to change me over to the new rate for a £20 fee. Let us know how you got on and good luck!

matthewr

Could I ask how much the fees were?

unmissable

Fingers crossed.
I have the offer package, the mortgage deed form was provided by solicitor.

I will let you know how it goes on Monday, my concern is how quick they can do it.

bugbyte_2

matthewr wrote: »

Could I ask how much the fees were?

£295

Unmissable- it was just a case of sending in the new instruction to change via email and the mortgage advisor said he would send out a new offer. I didn't start the process again!