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.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Rate Changes - At What Point Do You Miss Out?
westv
Posts: 6,509 Forumite
If a lender changes it's rates at what point in your application are you still able to stay with the old rate (assuming the new rate is an increase)? Only after the mortgage offer has gone out? Or sometime before then? Or not until you have actually completed on the purchase and the funds have gone through?
Does it make any difference if the application is direct oe through a broker?
Does it make any difference if the application is direct oe through a broker?
0
Comments
-
Submission of full application and payment of any fees normally secures rate.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
-
As KS says, a full application will secure the rate (although a long delay in completion make leave you outside of the drawdown window to use it).
Your options for changing rate from your initial selection during the process depends on the lender.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 -
On the plus side, while the application is in progress and the rate is better you can call your broker/ lender and ask for a better rate.
This was the advice from this forum and we managed to improve our rate with Nationwide from 2.94% (when we applied) to 2.89% even though 2.89% was no longer available when they issued our offer.0 -
Rollinghills wrote: »On the plus side, while the application is in progress and the rate is better you can call your broker/ lender and ask for a better rate.
Not necessarilyI 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 -
Virgin Money won't allow you to change rate during the application process.Rollinghills wrote: »On the plus side, while the application is in progress and the rate is better you can call your broker/ lender and ask for a better rate.
This was the advice from this forum and we managed to improve our rate with Nationwide from 2.94% (when we applied) to 2.89% even though 2.89% was no longer available when they issued our offer.
Even if you cancel the application and re-apply you can only have the product reserved for you previously.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 -
I said "can" as in "you can try", of course some lenders will not agree, sorry I should have made that clear.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.8K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards