Mortgage approved - lower interest rate now available

SamanthaDawn

Hello,


I applied for a Nationwide 4-year fixed mortgage a few weeks ago. The valuation came back fine and I got a text yesterday telling me my mortgage offer has been approved. However, I've just seen that Nationwide have dropped the interest rate from 2.39% to 2.29% - product fee, etc, is all the same. Is it too late to get the lower rate? Would I have to submit the application again?

jacobtheamish

Its a new application I'm afraid

zeedee1

We were in the same situation. We had to resubmit the application but it wasn't much effort from our end, and there was hardly any delay. We didn't have a fee though.

SamanthaDawn

zeedee1 wrote: »

We were in the same situation. We had to resubmit the application but it wasn't much effort from our end, and there was hardly any delay. We didn't have a fee though.

Assuming you didn't have to go through the valuation or anything again? How much delay did it add on to the process?

zeedee1

Well we were in a slightly different stage - when we resubmitted we had the valuation booked but it hadn't been carried out yet. The mortgage adviser said to go ahead as normal. The only delay was the mortgage adviser sending out the new paperwork and us signing it and sending it back!
Have you signed the mortgage contract yet?

SamanthaDawn

zeedee1 wrote: »

Well we were in a slightly different stage - when we resubmitted we had the valuation booked but it hadn't been carried out yet. The mortgage adviser said to go ahead as normal. The only delay was the mortgage adviser sending out the new paperwork and us signing it and sending it back!
Have you signed the mortgage contract yet?

Not yet, it should be arriving in the post today or tomorrow. Obviously don't want to risk the sale falling through by delaying everything for the sake for about 20 quid a month, but it all adds up!

zeedee1

SamanthaDawn wrote: »

Not yet, it should be arriving in the post today or tomorrow. Obviously don't want to risk the sale falling through by delaying everything for the sake for about 20 quid a month, but it all adds up!

I agree - I'd say it was worth at least chatting to your Nationwide mortgage adviser. We were with a different bank, but it might be a really easy process like ours was. Good luck with the housebuying!

kingstreet

I submitted an app yesterday.

An hour later we got the email to say rates were reducing.

I checked today. We were told to upload a material change form, which I've done and the product will be amended to the new one.

SamanthaDawn

kingstreet wrote: »

I submitted an app yesterday.

An hour later we got the email to say rates were reducing.

I checked today. We were told to upload a material change form, which I've done and the product will be amended to the new one.

Was that with Nationwide or another bank?

SamanthaDawn

Also, I went directly rather than using a broker so I assume I'll just have to get in touch with Nationwide and see what they say?

kingstreet

Nationwide.

Yes, if you are dealing direct, it goes without saying you are going to have to contact the lender direct.

I can't say what system the lender has for dealing with product changes via the direct channel, but making such an alteration via our channel is very straightforward...