Changing mortgage rate before completion???

soki91

Has anyone been offered a mortgage and then changed to a better mortgage rate before exchange and completion? I haven't spoken to my broker yet as it's the weekend. Just wanted to get some info on here about how long it takes, any extra costs, do they credit check you again?

The seller has recently delayed the process as they are now in a chain so I'm just trying to see what my options are.
I'm currently with tsb and seen better rates with them online with same fees.

Thanks in advance

Trying_to_be_good

If your funds have already been reserved, you'll probably have to pay the product fee again, though not the valuation, and possibly go through a whole new application.

Is it worth it?

Senior_Paper_Monitor

Varies dramatically by lender (i.e Virgi:n NO YOU CAN'T EVER, NO WAY, NO HOW / TSB are at the other end of the scale).

Doing this from memory, but I think it an over the phone job for a broker and a minimal fee - so may well be worth it (I don't have your details)

soki91

Thanks. I will call and ask my broker tomorrow.

soki91

Spoken to my broker this morning and they said no extra costs involved as long as it the same property. Changing the rate can be done very quickly but it's best to wait until we have a better idea of dates for exchange and completion.

Bossworld

Was just going to post this same question (away from all the doom and gloom and theories).

Assuming everything still goes through, we're just waiting to hear back from NatWest. They're quoting a 16 day turnaround on the intermediaries site - the supporting docs went off to them on June 7th so really it's overdue now.

It looks as though they update the rates at the end of the month, we're currently looking at a 5 year fix at 2.63%.

If the rate goes up, I assume we still get the 2.63%, or is that only locked in once everything is signed and received back?

If it goes down, from the suggestions above, it would be best to go back to the IFA?