Rates have reduced since Halifax issued mortgage illustration

Antman27

I am an FTB and have approached Halifax directly. I received a mortgage illustration on 11th August. Credit checks have since been completed and only the survey is pending which is scheduled for 31st August - so still some time to go before I get the mortgage offer.

I checked Halifax website just now and found that the rate for the five-year fixed product has dropped by 0.9%. I have reached out to my Halifax contact to check if the final offer will reflect this change. However, I wanted to check if others have been in similar situations and whether a reduction is possible.

Thank you.      

kingstreet

You'll get the product you applied for; unless you ask for a change.

We live in a regulated world where we are unable to make arbitrary decisions on behalf of clients. We would issue a revised illustration and ask if you wish to change. If you do we would action the alteration then issue a factfind continuation sheet and revised suitability report.

Antman27

Thank you.

The Halifax adviser got back to me saying mortgage illustration isn’t normally changed as once the mortgage illustration is agreed the rate is effectively locked. However they are able to change this for me but would need a short discussion to confirm there is no change in my circumstances. 

amnblog

Blah, Blah, Blah

Your Halifax Adviser will swop the rate in under 5 minutes on the system. However, they will want to spend 15 minutes of your time confirming you can afford a rate lower than the one they suggested you should have a couple of weeks ago.