PLEASE READ BEFORE POSTING

Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.

We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

Renegotiate of mortgage

Since we first applied for a mortgage a lot of time has passed and now we have looked at the mortgage deals they are a lot better. Is it ok to renegotiate the mortgage before exchange of contract.

Comments

  • kingstreet
    kingstreet Posts: 39,111 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Possibly. Some lenders are more flexible on this than others.

    Halifax/Nationwide is a simple change process. Virgin Money won't allow it, even if you cancel your application and re-apply.
    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.
  • Cheers king street - what about cancelling and going with another lender?
  • kingstreet
    kingstreet Posts: 39,111 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    That's just a new mortgage application to a new lender.

    Only you can decide if this can be actioned in the time before contracts must be exchanged.
    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.
  • hazyjo
    hazyjo Posts: 15,474 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are you actually buying somewhere, or are you talking about an agreement in principle?


    If that much time has passed, if you're buying, check your deal hasn't expired. One of mine was valid for 3 months and had to be extended - some are for 6 months. You will also have to pay a new product fee if you re-apply - if say £1,000, would that be worth paying again, or sticking with the higher %?


    Bear in mind there is no guarantee you will get the new mortgage. If you are buying and have one in place, it may be a case of better the devil you know...


    Jx
    2024 wins: *must start comping again!*
  • Cheers all, I think in the long run a lower % would be worth it. We are buying and I will check on the expiry.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 348.3K Banking & Borrowing
  • 252.1K Reduce Debt & Boost Income
  • 452.4K Spending & Discounts
  • 240.8K Work, Benefits & Business
  • 617.1K Mortgages, Homes & Bills
  • 175.6K Life & Family
  • 254K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16K Discuss & Feedback
  • 15.1K Coronavirus Support Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.