Barclays mortgage offer

witch1307

Had a mortgage offer from Barclays, valid for 6 months. 

The interest rate dropped so I emailed to see if this could be updated. My application has gone back to the start, but I haven’t heard anything yet. 

Since then the interest rate has gone up considerably. 

I’m worried that this is going to negatively impact me, and I’m quite far into the process, nearing exchange. 

csgohan4

witch1307 said:

Had a mortgage offer from Barclays last month, valid for 6 months. 

The interest rate dropped last week so I emailed to see if this could be updated. My application on track it has gone back to the start, but I haven’t heard anything yet. 

Since then the interest rate has gone up considerably. 

I’m worried that this is going to negatively impact me, and I’m quite far into the process, nearing exchange. 

Having a mortgage offer and applying for a new product comes with risks, criteria has been tightened and some people who have had offers have had them rescinded or rejected when they apply for renewal or a new product

So close to exchange it  may have been unwise to do, especially with the long turn around time for application

witch1307

So this could be an awkward situation. I didn’t actually ask for the new product, I asked if it was something they’d be able to update, or would it require a new application.

csgohan4

witch1307 said:

So this could be an awkward situation. I didn’t actually ask for the new product, I asked if it was something they’d be able to amend with no effort, or would it require the application to be resubmitted.

new interest rate = new product

I assume you applied directly, they didn't tell you abut having to do everything again?

hopefully you will be ok , but if affordability is tight it may be a risk

A broker would have told you the risks and the current criteria

witch1307

If affordability wasn’t an issue, would they honour the interest rate at the time I submitted, or the current one?

csgohan4

witch1307 said:

If affordability wasn’t an issue, would they honour the interest rate at the time I submitted, or the current one?

if you got the application in for the interest you wanted before they pulled it, they would honour it generally, wish you luck

witch1307

So panic over. The postman has just been and the new offer has been approved. 

Thanks for the help.