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Interest rate cut - what happens to existing offers?

Hi - I currently have an offer from Clydesdale on a 5% deposit mortgage. We’re currently at the searches stage of the transaction. With the changes in interest rates, should we expect an adjustment to the offer? I have an email in to my broker already, happy to share when I hear back.

Comments

  • bell
    bell Posts: 376 Forumite
    Part of the Furniture 100 Posts
    Following. I'm in almost the same position. Had an offer but sale feel through, found a new property with lower value, back to underwriting for offer adjustment. 

    Obviously new business mortgage rates won't drop by 0.5% (they may not even pass it on to the SVR) but be interesting to see.

    I suspect full new application would be required for a different rate but we will see. 
    Total Value of wins in 2009: £900 appox. 2010: £730
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  • D.L
    D.L Posts: 137 Forumite
    100 Posts First Anniversary Name Dropper
    edited 11 March 2020 at 11:11AM
    Literally nothing will happen to existing offers.

    Likely will have a shorter re-application process though. I don't know how close you are to completing - it could take a while for things to filter through (if at all as interest rates are already very low)
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