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Time to move to new interest rate?
alexthepenguin
Posts: 32 Forumite
I have a remortgage offer which is due to complete on 1 September. On the lender (Natwest) website it says they will reduce the rate of the same product by 0.14% effective from 31 August. This will save me around £25 per month.
I spoke to my mortgage advisor who advised I would not have enough time to move on to the new rate as it will take the lender two days to reissue the offer plus another week for the new offer to reach the solicitor.
Is that true? I would have thought moving to the new rate on the same product will be relatively straightforward
This is also complicated by the fact that I have a hard deadline of 6 September. (I would like to redeem my help to buy equity loan, and the latest I could do that is by 6 September 2016 after which my valuation will expire)
I spoke to my mortgage advisor who advised I would not have enough time to move on to the new rate as it will take the lender two days to reissue the offer plus another week for the new offer to reach the solicitor.
Is that true? I would have thought moving to the new rate on the same product will be relatively straightforward
This is also complicated by the fact that I have a hard deadline of 6 September. (I would like to redeem my help to buy equity loan, and the latest I could do that is by 6 September 2016 after which my valuation will expire)
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Comments
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alexthepenguin wrote: »Is that true? I would have thought moving to the new rate on the same product will be relatively straightforward
That is straightforward. The problem lies is that due process has to be followed. Your offer isn't simply walked to the front of the queue.0 -
I would not feel comfortable asking for a product switch so close to completion personally.
I would do it if the client wanted, but I would not be doing my job properly if I did not let them know the potential risks.I am a Mortgage AdviserYou 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 -
Seems to tight to me. Like ACG I wouldn't be comfortable trying this.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 -
thank you for all your comments - much appreciated.
looks like this time I'll just have to bite the bullet and have the higher rate0
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