Mortgage product IR dropped since getting offer

Diego_Francis

With Platform mortgages, we recieved our mortgage offer at the start of December. As we aren't moving until February, solicitor advised to have the Christmas break and meet up in January to sign the paperwork. Now we're in Lockdown again so made it more complicated. 

Been looking on the market just to be nosey, the same product we have been offered, the interest rate has dropped from 1.78% to 1.68%

Would I be able to contact Platform direct to see if they'd alter their offer to reflect the interest rate change? 

They've already done a valuation survey for free as we pay £999 fees upfront (added to loan of mortgage)

Or would they decline this as we've passed our initial 7 day cooling off period (although our paperwork says we're covered until May before we can't back out)

I'm aware of the other Platform mortgages thread but didn't want to post their as it isn't directly relevant to what I'm asking for help with. 

ACG

Most lenders allow you to switch products without further underwriting - I am not sure on Platforms stance. Give them a call or ask your broker to do it. 

Diego_Francis

. ACG said:

Most lenders allow you to switch products without further underwriting - I am not sure on Platforms stance. Give them a call or ask your broker to do it. 

Rang my broker, they said I'd have to cancel the application and start over again which would involve another credit search all for the sake of 0.1% they advised it wouldn't be worthwhile as it'd hold up everything and potentially delay matters too due to the new lockdown measures.

Was worth contemplating at least, thanks for replying. 

Filo25

Raised this with my broker as well, as Coventry have dropped from 1.49% to 1.39% on LTV65, he seemed to think it wouldn't be an issue to flip to the new product this wee, with no hassle

Diego_Francis

Filo25 said:

Raised this with my broker as well, as Coventry have dropped from 1.49% to 1.39% on LTV65, he seemed to think it wouldn't be an issue to flip to the new product this wee, with no hassle

Is your mortgage offered? 

I was told due to having gone through the entire process, they'd have to cancel the offer and start all over. I mean for the simple change of an interest rate figure, I thought it'd be very simple to to change that and send out paperwork to reflect the change. 

Seashell517

I've just asked my broker about switching from a fee paying mortgage (offered on Jan 6th) to a non-fee paying one  that's just been released by Halifax, and he's said that I should be able to change. 

(Not Platform but in case any other people with Halifax applications/offers are reading.)

Filo25

Diego_Francis said:

Filo25 said:

Raised this with my broker as well, as Coventry have dropped from 1.49% to 1.39% on LTV65, he seemed to think it wouldn't be an issue to flip to the new product this wee, with no hassle

Is your mortgage offered? 

I was told due to having gone through the entire process, they'd have to cancel the offer and start all over. I mean for the simple change of an interest rate figure, I thought it'd be very simple to to change that and send out paperwork to reflect the change. 

Sorry I missed this entirely weeks ago!

Yes the mortgage was offered, but they issued a new offer for the improved rate in a few days with no problems.