Got a mortgage offer, yet rates have just updated?

ChrisJR90

We currently have our mortgage offer and was planning on getting everything signed off with the solicitor this weekend.
However, I have noticed the rates have slightly dropped, from 3.48% with a £999 Fee to 3.22% without Fee. Is this something that can be easily updated, or would it mean starting the whole process again? 

Same Bank, Same LTV, Same fixed term.

K_S

@chrisjr90 Was your current offer issued at 90% LTV a good few months ago? That difference 3.48%+£999fee Vs 3.22% no-fee is quite high for the routine periodic update in products.

I don't know how it is direct but generally speaking as a broker updating the product doesn't necessarily need the whole underwriting to happen again, though the exact mechanics will differ based on the lender.

csgohan4

if you update the product, there may be further delays, will you risk losing your house with an inpatient vendor?

If you went through a broker, ask them if it is quick to do so, or call the lender to see if it is quick

kingstreet

When posting such questions the identity of the lender would be useful.
In pretty much every eventuality the answer is different from one lender to another. Practically nothing in the mortgage market is homogenous.

getmore4less

guess its this one.
https://forums.moneysavingexpert.com/discussion/6268610/am-i-getting-a-good-deal-barclays-timeline-2021#latest

Barclays
old data sheets
2y fix. 90% LTV  3.48% £999  fee
current(effective 26th May ) data sheet has
2y fix 90% LTV 3.22% £0 fee
That's quite a saving

[Deleted User]

A good saving but if its barclays then id build in 4 weeks to get a new offer. They usually mess up on simple amendments. Its either 4 days or 4 weeks in my experience 

getmore4less

Not convenient it's a BH weekend.
Broker could have been on the case 26th(wed).

ChrisJR90

K_S said:

@chrisjr90 Was your current offer issued at 90% LTV a good few months ago? That difference 3.48%+£999fee Vs 3.22% no-fee is quite high for the routine periodic update in products.

I don't know how it is direct but generally speaking as a broker updating the product doesn't necessarily need the whole underwriting to happen again, though the exact mechanics will differ based on the lender.

The application was put in on the 19th and the offer was confirmed on the 26th but arrived in the post on the 28th. Hopefully, it's not a lengthy process, should know more tomorrow once I speak to the broker.getmore4less said:

guess its this one.
https://forums.moneysavingexpert.com/discussion/6268610/am-i-getting-a-good-deal-barclays-timeline-2021#latest

Barclays
old data sheets
2y fix. 90% LTV  3.48% £999  fee
current(effective 26th May ) data sheet has
2y fix 90% LTV 3.22% £0 fee
That's quite a saving

Yes, this is the change I'm talking about.