Changing mortgage pre exchange

John_G66

My chain is currently at a halt !! I've yet to exchange and have a 2 year mortgage fixed rate offer in place. Under the current situation, I would like to change this to a 5 year fix. Interestingly the lender has withdrawn it's 2 year fixed deal in the past week, I'd of thought that the lender would be happy for me to do this as the 2 year fix is viewed as a risk in the Current Climate. IF this was allowed by the lender, would this be a straight forward thing to sort out or would I have to go through a new and painful application process ?

Thanks All ...........

greatcrested

If you are planning to sell (albeit your chain is at a halt),  why on earth tie yourself to a 5 year product with, presumably, early repayment penalties? Makes no sense.

edit: sorry. You are buying and this is a new application? You'd have to re-apply for the new product. Whether the lender would do re-assessment of your means, and re-valuation depends on the lender. Why not ask them?

Thrugelmir

Withdrawl of a product can happen for a variety of reasons. Funds are always made available in tranches over a set period of time i.e. a few months or until all the available funds are allocated. At board level there'll be much discussion as to pricing and risk management strategy going forward. A day is a long time currently. Much can happen, or not happen as the case maybe. 

Vincentvango

Im wondering the exact same thing!!
Just emailed my broker, hopefully hear back from them even though theyre all out of office.
I seriously would not be bothered with applying and jumping through all the hoops again, but I would feel way more confident with a 5yr than the current 2yr offer I have!