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Mortgage rate change during locked in period
CPS
Posts: 172 Forumite
I recently locked in a Nationwide remortgage for 2.29% which commenced on 31 August. I have just been made aware that the rate for my mortgage (same LTV, terms etc) reduced to 2.14% on 23rd August.
Are Nationwide obliged to offer me this lower rate as the rate was reduced before my mortgage with them commenced? Something similar happended with my previous lender (BoI) and they honoured the lower rate.
Are Nationwide obliged to offer me this lower rate as the rate was reduced before my mortgage with them commenced? Something similar happended with my previous lender (BoI) and they honoured the lower rate.
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Comments
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No.
They also couldn't have increased your rate had it gone up.0 -
As above, no.
If you had asked for it, they would probably have given it to you.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 -
Deleted_User wrote: »No.
They also couldn't have increased your rate had it gone up.
Exactly, bet you wouldn't be on here asking how you go about paying the extra if they had though
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I recently locked in a Nationwide remortgage for 2.29% which commenced on 31 August. I have just been made aware that the rate for my mortgage (same LTV, terms etc) reduced to 2.14% on 23rd August.
Are Nationwide obliged to offer me this lower rate as the rate was reduced before my mortgage with them commenced? Something similar happended with my previous lender (BoI) and they honoured the lower rate.
Not the same product. Will be a new tranche of funds.0 -
Thought as much. Thanks for replies. If I had known, before 31 August, the rate had gone down I of course would have asked the question. If the rate had gone up, you can be sure I wouldnt have.0
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is this a remortgage, or is it a new product chosen by an existing borrower - a product switch?
If the latter, what date is the change due to take place? EG Have you done this now for a 1 October or 1 November start?
A Nationwide product switch offer says "You are not bound by this offer document until until the date your mortgage is switched to the new product."I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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