mmr and application query

nothomealone

Hi all, I submitted my application on the 14th april via a broker will i need to apply again because mmr has come into affect? Also since I applied the mortgage rate has changed, will i be offered a mortgage at the new rate?

Caladan

Can't answer question 1.

Question 2:
The lender has no obligation to honour the rate you were originally quoted - Key Facts Illustrations are only valid on the date they are provided. Once a rate is BOOKED however it's yours (usually done after a booking fee is paid).

Chyna81

Hi,

I doubt you will have to reapply your application should be assessed under the MMR conditions however some lenders implemented the MMR early. I can say for certain Santander implemented the MMR on 7th April 14 therefore my application came under the new conditions.

Santander interest rates increased in the week and my mortgage was only agreed yesterday and I was still offered it under the lower rate and not the higher rate.