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Rate Increase During Application
Hi,
I am moving home and in the process of applying for a fixed mortgage.
I applied for a mortgage in principle which was approve and then completed full application once we had an offer accepted on a property. I have since provided all of the required documents which have been accepted and now awaiting for the feedback from the valuation arranged by the lender.
Question I have is, since applying for the mortgage I have noticed that the lenders rates on the same mortgage have increased by 0.6%. Will I now be charged this increased rate seeing as my application is not yet complete or will the rate at the time of my initial application be honoured?
- Apologies if this is a stupid question, only ever had 1 mortgage so unsure how the process works. Thanks in advance.
Comments
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Providing an application has been received. Then the product applied for will be reserved.1
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