Mortgage rates dropped after offer

saver2000

Hi,

I've had my mortgage offer through from natwest, when I applied it was 1.5% for a 5 year fix @ 60% LTV, now they are offering 1.41%

Is it possible (or simple) to get this new rate (I've worked out it will save me £6 a month so £360 over the five year fix)

I've heard some lenders allow you to change rate easily but others not so much.

I've requested a callback from my advisor but I'm not sure myself if it will cause delays or hassle.

[Deleted User]

easily done. Upload a note to the portal with the new product and a few days later a new offer is generated.  

If you are using Natwest direct then im not sure on their process. I guess the same but I know they differ in a few areas so you'll likely have to wait for your callback to confirm

saver2000

Unfortunately it has not been that simple so far. The advisor has had to pass to another as they can't advise? But the person I have been passed to has been difficult. No replies to emails last week, I have sent another as Natwest now have a 1.37% offering.

K_S

saver2000 said:

Unfortunately it has not been that simple so far. The advisor has had to pass to another as they can't advise? But the person I have been passed to has been difficult. No replies to emails last week, I have sent another as Natwest now have a 1.37% offering.

 @saver2000 Sorry to hear that. When you say "advisor" do you mean a Natwest advisor or a broker? Is this a purchase, remortgage (moving from another lender to Natwest) or a product switch (staying with Natwest, just changing products)?

spec65

I'm also in this situation. Literally recieved our written offer today and found out our 5 year fix  has dropped from 1.79% to 1.68%! We have contacted our NatWest mortgage advisor (we didn't use a broker) in the hopes of a simple transfer of our offer to the new lower rate. It's over £20 a month saving for us so certainly worth it! 

Carl2510

How do you find out of there is a better offer to when you got your mortgage offer?

retepetsir

Carl2510 said:

How do you find out of there is a better offer to when you got your mortgage offer?

I just checked on the bank's website, well, via Moneysupermarket.

I've just found out ours has also dropped for the 5 year fix, from 1.65% to 1.45%. We got the mortgage offer a couple of weeks ago and haven't exchanged yet so I'm also awaiting a callback to discuss if its possible - it would save us £30 a month which isn't insignificant!!! 

Carl2510

retepetsir said:

Carl2510 said:

How do you find out of there is a better offer to when you got your mortgage offer?

I just checked on the bank's website, well, via Moneysupermarket.

I've just found out ours has also dropped for the 5 year fix, from 1.65% to 1.45%. We got the mortgage offer a couple of weeks ago and haven't exchanged yet so I'm also awaiting a callback to discuss if its possible - it would save us £30 a month which isn't insignificant!!! 

Just checked moneysupermarket and there all showing dearer so think I’ll stick with what I’ve got lol!

saver2000

Yes, and if you are on a five year fix it adds up over 5 years

retepetsir

So I contacted the lender and they've basically stated that we'd need to resubmit our application with new payslips, etc, etc. We received our mortgage offer two weeks ago and had originally applied in October, the delay caused by the valuation.

It would be great to save £30/month for the 5 year fix but don't think its worth the hassle at this stage unfortunately, or the risk of losing our buyers (again)!

IAMIAM

This is going to continue happening. Rates are significantly high at the around the 75% LTV value at the moment.