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Changing Property and keeping rate on Mortgage Offer
jmurphy6
Posts: 1 Newbie
Hiya,
I recently was able to get mortgage offer of around 4.00pc before rates went up and wanted to know if I changed my mind on the current property listed in the offer for a house 20k more expensive (no facility to increase deposit which would still be above 20pc), would I be able to keep this rate or would bank having reassessed and adjusted LTV give me a new rate in line with the inflated rates they currently offer?
Best
John
I recently was able to get mortgage offer of around 4.00pc before rates went up and wanted to know if I changed my mind on the current property listed in the offer for a house 20k more expensive (no facility to increase deposit which would still be above 20pc), would I be able to keep this rate or would bank having reassessed and adjusted LTV give me a new rate in line with the inflated rates they currently offer?
Best
John
0
Comments
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@jmurphy84 Depends on the lender and the numbers. For example with Nationwide a change of property means a new application from scratch. Otoh, with NatWest they will allow a change of property post-offer while keeping the same product/rate.jmurphy6 said:Hiya,
I recently was able to get mortgage offer of around 4.00pc before rates went up and wanted to know if I changed my mind on the current property listed in the offer for a house 20k more expensive (no facility to increase deposit which would still be above 20pc), would I be able to keep this rate or would bank having reassessed and adjusted LTV give me a new rate in line with the inflated rates they currently offer?
Best
JohnI 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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Depends on lender. Some do, some don't.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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Lender policies matter. I am so blessed I was with HSBC who allowed me to do that otherwise I'd be very screwed now with the new rates0
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