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What does interest rates rise mean for new applicants?
fitzykev
Posts: 207 Forumite
What does today's interest rates rise mean for mortgage applicants just put in in the last week or two?
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Comments
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Nothing, if they are fixed rates.
Problems for variable and tracker applicants.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 -
Mine is fixed rate. This is what it says on my mortgage illustration ...kingstreet said:Nothing, if they are fixed rates.
Problems for variable and tracker applicants.This amount is illustrative and may vary in particular in relation withthe variation of interest rate(s)0 -
Pretty much every lender sticks by a rate once an application has been submitted. If there is an odd one demanding a fee upfront before doing so and you are their applicant, you know what to do... fast!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
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As in they stick by the rate they offer the applicant ? What I meant in the question anyone who got a mortgage in principle, then put in an application proper is there a bigger chance now there aplication will be declined say in comparison to the same time last week before today's announcement ?0
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No.fitzykev said:As in they stick by the rate they offer the applicant ? What I meant in the question anyone who got a mortgage in principle, then put in an application proper is there a bigger chance now there aplication will be declined say in comparison to the same time last week before today's announcement ?
Everyone knew 2 weeks ago the base rate would likely go up by half a percent. If its not a surprise to me, it wont be a surprise to a lender. It would have all been taken into account.I am a Mortgage AdviserYou 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.0 -
this is music to my ears !!!!!ACG said:
No.fitzykev said:As in they stick by the rate they offer the applicant ? What I meant in the question anyone who got a mortgage in principle, then put in an application proper is there a bigger chance now there aplication will be declined say in comparison to the same time last week before today's announcement ?
Everyone knew 2 weeks ago the base rate would likely go up by half a percent. If its not a surprise to me, it wont be a surprise to a lender. It would have all been taken into account.0
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