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Mortgage Offer rate is higher than current rate from the bank
dDevil_2
Posts: 2 Newbie
Hello,
I am a First Time Buyer, and this is my first post on MSE Forum.
I just received a Mortgage Offer with a fixed period of 5 years (LVG 85%) with 3.89% interest from Nationwide, through a mortgage broker.
I just checked Nationwide website to see the current rates they do and it seems that they offer a 3.74% interest rate for 5 years time.
Now, before going back to my mortgage broker (advisor) with this situation, can any of you tell me if changing the current Mortgage Offer is possible at this stage, and if it is how much hassle would this mean to the mortgage advisor (broker). Would I need to go through the whole process again or it is a quick and easy change.
Looking forward for your answers!
Thank you in advance.
I am a First Time Buyer, and this is my first post on MSE Forum.
I just received a Mortgage Offer with a fixed period of 5 years (LVG 85%) with 3.89% interest from Nationwide, through a mortgage broker.
I just checked Nationwide website to see the current rates they do and it seems that they offer a 3.74% interest rate for 5 years time.
Now, before going back to my mortgage broker (advisor) with this situation, can any of you tell me if changing the current Mortgage Offer is possible at this stage, and if it is how much hassle would this mean to the mortgage advisor (broker). Would I need to go through the whole process again or it is a quick and easy change.
Looking forward for your answers!
Thank you in advance.
0
Comments
-
You complete a material change form and upload it to the case.
It will take a couple of days for Nationwide to action it and a new offer will be issued.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.0 -
A Material Change form is a form used by the broker to request the change.
It takes perhaps 20 minutes to complete and submit.
This does not mean the case is reviewed again or anything worrying like that.
Talk to your broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Thanks a lot guys! This is encouraging stuff!
Do you think you can attach an example form to this thread? (A Material Change form)
Thank you0 -
No. It's completed and uploaded to the case by the intermediary.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.0
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