Can we move on to a better rate mid-application?

Rollinghills

My husband is in the process of getting a mortgage with nationwide. It is a 10 year fixed at 2.94%. They have done the survey and now completing all the paperwork ie. no approval yet but we paid for the survey. The rate has now gone down to 2.89%. Do we have a chance of getting the lower rate do you think? It's not a huge amount to make a fuss over but every penny counts I guess.

betmunch

You have every chance, its a very simple process.


Just tell them you want the lower rate.

Rollinghills

We'll try, worst case they say no.

lee111s

They may require you to pay a new product fee.

kingstreet

Not any more.

In the old days, you used to lose your £99.

Now, the fees are £499 or £999 and you can change to the latest rate FOC if it's better. It takes a phone call for a broker, so probably the same direct.

Rollinghills

Oh great to know! The product fee is 499 paid on completion so wouldn't want to pay it again but it sounds like we wouldn't have to.

pjread

yeah I just remotrgaged to NW (completed yesterday), the rate dropped 0.05% pre-completion and I got it changed in one phone call.

GMS

I changed a rate on Wednesday following a submission on Monday. Rate dropped Tuesday.

Phone call to request a material change and job done!