Mortgage application in - no fee paid on fixed rate deal - then interest rates drop

minimadtrix

Hi
Hopefully the title makes sense. We've applied for a fixed mortgage with Nationwide but not paid a product fee. I'm seeing that HSBC are now dropping their interest rates and was wondering, if Nationwide follow suit, when our mortgage starts, would the interest rate be at 2.79% as it is now/what it was when we applied for the mortgage, or would it be at a possible lower rate, if they drop it?
Thanks in advance

muhandis

I remember that we were somewhere in the buying process when the interest rate on the NW 2-year fix product we had reserved fell from 2.14% to 1.99%. Our broker informed us of the drop and sorted out the change to the lower rate.

So I'm sure it's possible. If NW does drop the rates on your fixed product, flag it up with your broker or NW.

minimadtrix wrote: »

Hi
Hopefully the title makes sense. We've applied for a fixed mortgage with Nationwide but not paid a product fee. I'm seeing that HSBC are now dropping their interest rates and was wondering, if Nationwide follow suit, when our mortgage starts, would the interest rate be at 2.79% as it is now/what it was when we applied for the mortgage, or would it be at a possible lower rate, if they drop it?
Thanks in advance