Interest rate dropped just after getting new fixed rate :(

martyp

I've just checked my current mortgage providers rates and they've dropped by about 0.5% on the 2 year fix I got just last month that started on 1st of this month.
I got the deal through a broker and was chuffed to be saving £15 a month with my new deal but now a bit annoyed that they've just dropped the rate even further and I could be saving £12 a month more.
I can imagine that the answer is just that's life and it's a gamble but just thought I'd bring it up in case there's any possible way I might be able to get the new rate.
It's probably a case I'd get early repayment charges so probably not worth it but if anyone has been in the same boat (sure loads have) I'd be intrigued...

kingstreet

You might have been able to change products before completion, but not now.

Markojack01

That happened to us too, is the way it goes in life, if you'd waited maybe it would have gone up. If you were happy before with the deal ignore the fact it could have been even better. C'est la vie

Westminster

That's the way it goes really.

I'm sure if the rate went the other way and the bank came knocking on your door to ask if you wouldn't mind paying a bit more you would tell them where to go

martyp

Thanks all, really wish there was like a cooling off period like with mobile phones, broadband, electric and gas etc Oh well, guess I should look at it as glass half full and think about the savings I have over my fix that just ended. Annoying it was such a drop though as it only dropped a little bit over the 2 year duration of my last fix. I know someone who fixed on a 5 year one a couple of years back and is stuck on a much higher rate...

Jon_B_2

"Rates can go down as well as up"

If you didn't want to FIX your rate (clue is in the name) you could have gone variable.

Jeez.

martyp

Jon_B wrote: »

"Rates can go down as well as up"

If you didn't want to FIX your rate (clue is in the name) you could have gone variable.

Jeez.

If I did I'd be on about 1.7% more than the fix so the fix is still far better than the variable at least.

kingstreet

martyp wrote: »

Thanks all, really wish there was like a cooling off period like with mobile phones, broadband, electric and gas etc

There is.

However, it can't continue past completion.

Otherwise solicitors would be having to undo transactions and repay lenders just because someone wants 0.1% off their rate.

You have plenty of time between offer and completion to consider your position.