Change of interest rates

Shack_attack

Morning All,

We got our mortgage offer in the post yesterday from the Woolwich so great news!

Issue is, when we applied back in April, the interest rates were fixed for 3 years at 2.99%. They changed mid May to a stepped 3 year fixed interest which is:

2.99% for year 1
2.79% for year 2
2.59% for year 3

So much more favourable and will save us quite some money over the term.

Should these new interest rates apply to us as the offer was after they changed, or is it the product you choose on time of application which is set in stone?

Our mortgage advisor is looking into it and thinks that the new rates should apply as we have had our offer after they changed

Any help greatly appreciated.

betmunch

The rate you applied for will apply unless you said something during the process to change to the new rate.

I'm not familiar with the process for Woolwich so it could be anything from just a quick call to change the product to having to do a whole new applicatiom

Shack_attack

Thanks for the reply, hopefully it's just a case of being able to change the product. It's the Springboard mortgage we've got but hopefully they'll be able to give us the new rates