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HELP - price reduction after mortgage offer
Comments
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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?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.0 -
@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.Emma95 said:
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?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.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.
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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.Emma95 said:
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?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.0
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