We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Mortgage rate increase
ftb_eastmidlands22
Posts: 15 Forumite
If mortgage rates increase between application and offer is the rate that was originally applied for still honoured?
0
Comments
-
Yes.1
-
@ftb_eastmidlands22 Yes, the specific mortgage product (rate) is 'reserved' at the point that you (or your broker) clicks 'submit' on the full application. After that point, it does not matter if the product is withdrawn/replaced or rates rise, you will still get that product as long as the application isn't declined.ftb_eastmidlands22 said:If mortgage rates increase between application and offer is the rate that was originally applied for still honoured?
With a couple of lenders, you can even reserve a product at the DIP (Decision In Principle) stage for a limited period of time.I am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
0 -
Some lenders have a product drawdown date rather than an offer expiry date. Halifax is such a lender. If you have a product drawdown deadline of (eg) 30/09/2022 and will not complete by then, you would need to choose a new product available at that time.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.9K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards