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Mortgage Approved - interest rates Dropping - Re-quote?

LutherH
LutherH Posts: 2 Newbie
in Mortgages & endowments
Hi,

Our mortgage has been approved, but we are yet to exchange contracts. As i'm sure most of you know, Mark Carney recently announced that interest rates will be dropping. As a result of this, I am tempted to ask The Coventry for a re-quote on my mortgage, and see if they will reduce the rate.

Has anyone done this before? Any advice as to what consequences this may have?
Will we need to provide all paperwork again?
Will we be credit checked again?
Would they react badly to it and withdraw their original offer?

Any help would be appreciated!

Thanks

Comments

  • lydriver
    lydriver Posts: 264 Forumite
    have a look on their website 1st and see if they're offering better interest rates than the one you've got - they might still be the same rates as what you have now
  • ACG
    ACG Posts: 24,901 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Did he say they WOULD be dropping or he would not rule out reducing it if the economy needs it? (I do not know the answer. I know he said something but I took very little notice).

    Regardless of the what the bank of england does. Coventry building society may do their own thing. The bank of england base rate has not dropped as of yet.
    I 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.
  • amnblog
    amnblog Posts: 12,784 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Coventry B S do not link their products to BOE base rate in any case.
    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.
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