Changing product

Dk1989

Hi I received my mortgage offer a few days ago. It took weeks to get and since the interest rates have dropped. My mortgage broker is off until Friday so I wanted to ask is it possible to get the product changed to the lower interest rate or does it mean you have to reapply again.  We are with Halifax.

gih

The same happened us, and we were able to change no problem by phoning the mortgage advisor (wish they would just do it automatically to be honest).  We are with Nationwide.  We were told we could keep doing this up to the day before completion.  Although we were told after a certain date (90 days from our decision in principle) we would have to reapply again.  

JMA74

You can change the product but it will rescore the case and apply any changes in affordability assessment so its not without risk.  If you have good credit and affordability then should be fine though 

RedFraggle

I also did it recently with NatWest when the tracker dropped from 1.29% to 1.09%. it took about a week.