Safety of an agreed remortgage

Skylark7

Hi all, new here!

My current fixed rate mortgage deal runs out in January and when I saw the way the world was going in July I went to a broker and arranged to remortgage with a new lender (my existing lender wouldn't let me look at rates until September) at 3.32% for 5 years.

I have gone through all of the processes; my mortgage offer was issued and I have accepted it. All affordability checks done and I am now just waiting until January when my current fixed term ends for the new lender mortgage to begin.

My question is whether my deal is safe considering the panic-inducing headlines about mortgages being pulled. Assuming my circumstances do not change can or will the lender pull my agreed deal? I am now ignoring offers from my existing lender to agree to new fixed rates with them as I have this all in place with the new lender.

Thank you for your help/wisdom!

ACG

It should be. 
Lenders reserve the right to pull products should circumstances change, but in reality it is pretty rare. 

Skylark7

Thank you that is helpful to know!

Fromdownwest

Skylark7 said:

Thank you that is helpful to know!

I think it depends on what rates do over the next month or so. If they believe that your offer will result in a loss to the company, they may, i stress, may pull it.

What are your early exit penalties to clear the old mortgage early? What are your new payments in comparison?

Skylark7

Thank you that is helpful to know!

Fromdownwest said:

Skylark7 said:

Thank you that is helpful to know!

I think it depends on what rates do over the next month or so. If they believe that your offer will result in a loss to the company, they may, i stress, may pull it.

What are your early exit penalties to clear the old mortgage early? What are your new payments in comparison?

My early exit penalties are about £5k. My new payments on the mortgage offer are £40 more per month than at present.

It would not be possible for me to pay ERCs.

doglover34

Oh god im in the same boat - secured my offer with natwest but my remortgage isnt until 9th december - so im praying they dont pull it and withdraw the offer - OMG! 

london21

I have a re-mortgage with Barclays valid till January, was going to wait till December before starting but might start earlier as 3.10% 5 years is not available anymore. 

doglover34

If I do it earlier I have a 8k fee so i cant! I'm stuck waiting til dec! Surely Natwest wont pull offers ... feel sick!

Skylark7

doglover34 said:

If I do it earlier I have a 8k fee so i cant! I'm stuck waiting til dec! Surely Natwest wont pull offers ... feel sick!

I’m hopeful that they won’t, can only keep our fingers crossed I suppose! Good luck doglover34!

simps100

Similar situation here got a mortgage offer fixed at 2.7% for 5 years - with Clydesdale so a mainstream bank so am hoping the offer is safe - my current offer ends in December but YBS have said we can end the deal within 60 days as long as pay the interest owed - not 100% sure how that works and neither is my solicitor but if that’s the case will try complete ASAP - if not may need to wait till early December which feels ages away with everything going on!

Lisalouise1974

I am in the same boat, current deal ends with FD in January after 5 years. I have a mortgage offer from Halifax, my fees to exit my current mortgage are still high so I have asked to complete in January. Have sent back my mortgage acceptance letter and all other associated forms on Monday. My mortgage has already gone up £120 due to the current rate change which is affordable but not ideal just hoping that Halifax don't pull my offer. I have got a offer in principe with FD also if needed. Stressful times though...