Applied for mortgage, now better rate?

RJM90

Hi all, interested to know your thoughts. I’m currently applying for a mortgage with Santander. It’s a 90% LTV, 2 year fix at 3.09% with a £999 fee. It’s currently at the underwriting stage and I hope to hear news of acceptance by the end of the week.

I noticed today that HSBC have slashed their mortgage rates in the last week or so. They are now offering a 90% LTV, 2 year fix at 3.09% with no fee or 2.89% with. £999 fee which would save around £15 a month on the Santander mortgage. I always originally wanted to go with HSBC just due to banking with them nearly 20 years but opted for Santander with a cheaper rate.

Due to the hassle and credit checks etc I’m probably going to just stick with Santander (and just wanting to get closer to exchange) but just wondered what people’s thoughts were. Has anyone ever pulled away from a mortgage offer late on to go with another lender? 

Thanks in advance!

[Deleted User]

If it was a broker case with those 2 lenders you could probably ditch santander and still get an offer with HSBC before santander have even got round to picking up the message to cancel the case.
I'd do it personally as long as you weren't due to exchange in thr next month

getmore4less

There have been reports that Santander have been offering very good retention deals to existing customers.

Problem now is  quite a few lenders don't publish the retention rates, you need the insider/reports to see if that is a factor to consider for 2 years time.

AAZ

Considering how tricky mortgage application could be, I wouldn't risk a house buying for 15 pounds per months, however if you are long way from exchanging then you can go for it 

RJM90

Thanks for all the input everyone!