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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage product - new application
liz09
Posts: 89 Forumite
Hi there,
We're going through a bit of a tale of woe with our mortgage application and broker and I'm loathe to rock the boat.....but. The broker after about 4 weeks of hassling has finally submitted as of today our final application for a property purchase. We had an offer in principle quite a while ago (it's still valid). However, it's all taken so long, that I'm considering whether to change my rate choice from a 5 year fix, to a shorter term fix or tracker, probably 2 years. The mortgage is large and the saving is considerable, far more than the cost of multiple fees for example.
Now the question is will the bank, Metro bank, change the product for us at the last minute, or would we have to reapply? It's the same amount of money, same percentage lending etc. I really want to wait another week before deciding, but I do want them to get on and book the valuation as its already been 4 weeks since offer accepted and the sellers are getting shirty!
Any advice appreciated.
Cheers
Liz
We're going through a bit of a tale of woe with our mortgage application and broker and I'm loathe to rock the boat.....but. The broker after about 4 weeks of hassling has finally submitted as of today our final application for a property purchase. We had an offer in principle quite a while ago (it's still valid). However, it's all taken so long, that I'm considering whether to change my rate choice from a 5 year fix, to a shorter term fix or tracker, probably 2 years. The mortgage is large and the saving is considerable, far more than the cost of multiple fees for example.
Now the question is will the bank, Metro bank, change the product for us at the last minute, or would we have to reapply? It's the same amount of money, same percentage lending etc. I really want to wait another week before deciding, but I do want them to get on and book the valuation as its already been 4 weeks since offer accepted and the sellers are getting shirty!
Any advice appreciated.
Cheers
Liz
0
Comments
-
0
-
Thanks, I spotted that. I was hoping someone might actually know whether metro bank would do this specifically. I could ask my mortgage broker to ask them, but to be honest he's about as useful as a chocolate teapot!!!0
-
Changing product does not hold up the application or delay the valuation.
If you do wish to change product, do not contact the Lender direct. always go through your Broker.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards