HELP - price reduction after mortgage offer

Emma95

Jab88 said:

@RogerBareford @TheJP

We've been told that it's unlikely that the rate would change as we are staying within the same LTV bracket. Also not changing product so there is no need for a new application, this simply would be done via an amendment request which takes a few days to go through. We have not spoken to Nationwide directly as we applied via a mortgage broker but both, our mortgage broker, and solicitors have done this numerous times with Nationwide specifically. 

We were told a new application with Nationwide was only needed if there is material change that would result in us having to apply for a new product and/or the LTV bracket changing. 

Hiya, I’m currently in this exact position. Did nationwide honour the original interest rate? I’m waiting to hear back from them now. Our mortgage broker seems confident they will but I’m curious how you got on?

K_S

Emma95 said:

Jab88 said:

@RogerBareford @TheJP

We've been told that it's unlikely that the rate would change as we are staying within the same LTV bracket. Also not changing product so there is no need for a new application, this simply would be done via an amendment request which takes a few days to go through. We have not spoken to Nationwide directly as we applied via a mortgage broker but both, our mortgage broker, and solicitors have done this numerous times with Nationwide specifically. 

We were told a new application with Nationwide was only needed if there is material change that would result in us having to apply for a new product and/or the LTV bracket changing. 

Hiya, I’m currently in this exact position. Did nationwide honour the original interest rate? I’m waiting to hear back from them now. Our mortgage broker seems confident they will but I’m curious how you got on?

@emma95 If you're referring to a reduction in purchase price for a property that you currently have a Nationwide mortgage offer on, that does not require a fresh application, just an amendment following which the offer will be reissued with the same product (as long as the LTV is the same). Nothing to worry about.

Jab88

Emma95 said:

Jab88 said:

@RogerBareford @TheJP

We've been told that it's unlikely that the rate would change as we are staying within the same LTV bracket. Also not changing product so there is no need for a new application, this simply would be done via an amendment request which takes a few days to go through. We have not spoken to Nationwide directly as we applied via a mortgage broker but both, our mortgage broker, and solicitors have done this numerous times with Nationwide specifically. 

We were told a new application with Nationwide was only needed if there is material change that would result in us having to apply for a new product and/or the LTV bracket changing. 

Hiya, I’m currently in this exact position. Did nationwide honour the original interest rate? I’m waiting to hear back from them now. Our mortgage broker seems confident they will but I’m curious how you got on?

Yes they did give us the initial rate, we had no issues at all. Our broker amended our application and we got a revised mortgage offer with the new purchase price and LTV the very next day. It was so quick and easy and we were able to keep the interest rate that we locked in.