Nationwide Mortgage Change APR?

Cameron1590_2

HI All,

We have been accepted for a 4 year fixed deal with nationwide and have been accepted at a rate of 4.04% however I see that this week Nationwide have dropped the 4 year deal to 3.84%.

Does anyone know if Nationwide will switch us to this new deal as we are yet to draw the mortgage funds or are they like to tell us to reapply? If we have to reapply then we will stick with the old deal.

Thanks,

Cameron

libf

My broker said the rate could be changed if it dropped between applying and starting the mortgage. Don't know if the same applies going direct. Ring them and ask.

stalkah

I think when you apply for the mortgage you lock in to the rates you apply for, other wise if they were to go up you wouldn't be too happy.


I'm not sure if you could then request a rate change if you haven't completed.

lee111s

You might be able to change, you'll need to ask the lender.

Cameron1590_2

Hi all,

Thanks for the replies, I spoke to NW who said they can change the product so I would have thel lower apr however I would need to go into branch. The mortgage offer would be retracted and we would have to await the underwriters decision.

All in all we would save 380 quid over four years but as we are about to exchange contracts we don't want to hold the process up!

Thanks

Cameron