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Rate changes before completion
dave76
Posts: 252 Forumite
We are quite early in a house move process - offers accepted on our sale and purchase and the chain is complete, have just instructed solicitors. I'm going to go in for a mortgage application next week where I guess we decide on which exact product we want (at this stage looking at a 5yr fix)
Anyway, I am guessing the whole process is likely to take us past 31st October so I'm wondering what impact any rate changes could have. If the mortgage application is approved does that guarantee us the rate for a certain length of time? If rates do drop in september or november, and the lender followed any changes, would I be able to access the new rates easily, would they have to rerun the application?
Anyway, I am guessing the whole process is likely to take us past 31st October so I'm wondering what impact any rate changes could have. If the mortgage application is approved does that guarantee us the rate for a certain length of time? If rates do drop in september or november, and the lender followed any changes, would I be able to access the new rates easily, would they have to rerun the application?
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Comments
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You secure the rate when you hit submit on the application.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
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The last thing that is going to happen post Brexit is an interest rate rise!"You've been reading SOS when it's just your clock reading 5:05 "0
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