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reserved mortgage product
lydriver
Posts: 264 Forumite
when I put in a full application I reserved one of the products available, 2yr tracker
now I see on their website that the interest rates for the same product are now lower
I've seen mention of it working the other way...reserving a product, then rates rise so the reserved product is no longer available
does it work the other way too? ie if/when I get an offer it will be with the new (hopefully still lower) rates?
now I see on their website that the interest rates for the same product are now lower
I've seen mention of it working the other way...reserving a product, then rates rise so the reserved product is no longer available
does it work the other way too? ie if/when I get an offer it will be with the new (hopefully still lower) rates?
0
Comments
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The only way to secure a rate is to put a full application in. If you would prefer another rate tell the lender, they may switch it for you could withdraw your current application and do another for the lower rate if it is significantly different the extra effort could be worthwhileI am a Mortgage Adviser
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.0 -
It depends on the Lender as to their policy.
Some will swop you for free.
Some will charge.
Ask them.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, will ask
it's .25%, which equates to less than a tenner a month on the amount I'm borrowing so won't be doing any more applications!0
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