Mortgage rates dropped after offer

K_S

retepetsir said:

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)!

@retepetsir Sorry to hear that. That's really poor, a change of product post-offer rarely requires a full resubmission, especially when the original app was made just 2 months ago.

Thrugelmir

K_S said:

retepetsir said:

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)!

@retepetsir Sorry to hear that. That's really poor, a change of product post-offer rarely requires a full resubmission, especially when the original app was made just 2 months ago.

A lot can happen in two months at the current time, Not least that some people may have been placed back on furlough in this recent time window. 

K_S

Thrugelmir said:

K_S said:

retepetsir said:

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)!

@retepetsir Sorry to hear that. That's really poor, a change of product post-offer rarely requires a full resubmission, especially when the original app was made just 2 months ago.

A lot can happen in two months at the current time, Not least that some people may have been placed back on furlough in this recent time window. 

@Thrugelmir I was talking about resubmitting a full application for a product change when the client already has a valid offer (and which continues to be valid for another 4 months)

MFWannabe

IAMIAM said:

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

I wouldn’t say they’re significantly high? 
Rates are still low really 
A lot lower than our first 5 year fix when we first got mortgage 

beezysoldier

This is interesting as I am looking to hook into a 5 year fix with Natwest as we speak and I check everyday and my rates on a 70% ltv seem to be going up? I was offered at first 1.72% on a 5 year fix with a ltv of 70% but now its up .2 % to 1.74%? Strange how your rates are going down and mine are going up? Anyone else seeing the same increase behaviour as me? 

IAMIAM

Yes, rates are either the same for nearly 2-3 months with a lot of the big lenders and cheaper ones come and are withdrawn quickly as take up is huge.

IAMIAM

I wanted a 5 year fix with atom that was 1.44 with no fee literally a month ago and the rate is now 2.44

MFWannabe

I think the rates with no fee are higher; rates with fees are still same as far as I can see 
Why are you so against a fee? When you look at the figures they normally work out the same as no fee over the time; especially 5 year fixes. Would be understandable if you were looking at 2 year fixes as you don’t want to pay fees every 2 years 

spec65

Just an update on my situation with this:

I emailed our NatWest mortgage advisor yesterday who said he would look into the new lower rate for us (1.79% and the rate fell to 1.68% on the day we recieved our full offer). 

As of 15 minutes ago he has processed all the new paperwork, spoke to the underwriters directly and we have a new mortgage offer at the lower amount rate of interest! 

They were happy to use the valuation which was conducted 8/12 which helped speed things along.

There is hope if your rates have dropped close to you revieving your offers folks! 

saver2000

Glad you got yours sorted, I am still waiting on the advisors after bringing up the rate drop 2 weeks ago! Apparently they "missed" my email last week and only replied when I sent 3 emails to 3 other contacts I had. They emailed me yesterday saying they would phone but no luck. The week before this they were being very unhelpful when I was trying to find out lead times for changing the rate.

What is crazy is that initally back in September I missed out on an even lower rate because they wanted all paper documents and original statements to be posted in which took 3 weeks to sort out.

I am really losing my temper now and I am afraid the seller is going to pull out. If I could get the lower rate now on offer it will save me £1000 routhly which is a huge amount of money for me. If I went with another advisor it would mean starting the whole process again and losing the valuation fee.