Can I change deal at point of offer?

Mr_Munneepennee

I'm going through a mortgage application with Nationwide (valuation is today). After much deliberation I instructed my broker to go for the 2 year fix, I've now had a change of heart and want to go for the 5 year option.

I understand it would be unwise to rock the boat right now mid-application, however when I (hopefully) receive an offer, can I change to a different deal? Is this doable or would I have to start all over again?

Thanks in advance!

dimbo61

Tell your broker asap
Mind-reading is not part of the training needed to be a mortgage broker.
Lenders like 5 year fixed rate deals and they are easier to get !

ACG

dimbo61 wrote: »

Mind-reading is not part of the training needed to be a mortgage broker.

Ha!

Mystic Meg has nothing on us! Not only do we need an element of mind reading, we also get asked about the future (house prices, interest rates etc).

It should be possible to change, your broker wont be impressed. 30-40 minutes sat on hold to nationwide to get it amended is 30-40 minutes he/she will never get back. All part of the job though.

Mr_Munneepennee

Thanks for the replies. My broker does know the situation, no need for mind-reading! It was her that advised it's better not to try to change mid application, but I'm not sure if she just wants the repeat business in 2 years! Or, as you say, spend 40 mins on the phone...

LRmortgage

Personally as I broker I’d prefer my client tells me now rather than after the offer.

If after the offer, it will need to be reissued where as now it should be a fairly straight forward call to nationwide as per above...

Mortgage_Adviser

Wehn I was buying my own home, the lender has reduced the rate after the offer but before the completion. I was then asked by the broker if I wasnted to ask the lender to change the rate and issue the mortgage offer.
I have decided against it because:


1. The broker would have to potentially ammend the advice (With you this would definetely be the case as by going for a different deal you invalidate her advice which she has to justify not only to you but als oto the company she works for and FCA)


2. The lender would have to ammend the applciation and issue you and your solicitors so they can check it.


3. The solicitors taking extra time to check the new offer.


4. Because of the above combined issues the whole purchase process would be delayed by a few days, before exchange happens. These few extra days would mean that there is more chance some one could come and offer the higher price for the property to the bendor and the dea f alling through altogether.

phillw

Mortgage_Adviser wrote: »

I was then asked by the broker if I wasnted to ask the lender to change the rate and issue the mortgage offer.
I have decided against it because:

You didn't say whether there were any associated costs with any of those points, if there were none then I would have taken the lower rate.

I'm interested why the OP originally chose two year fix but now decided to switch to five year.