Nationwide - reduced interest rate after mortgage offer (fixed term)

Chemistry777

We applied directly o to the Nationwide for a mortgage.  Approved very quickly and we had our offer within 5 working days.  We plan to complete in Feb 23 but notice the fixed rates have fallen since we applied.

Can we ask to switch to the lower rate, would this be a full re-application and valuation?

Any experience or help on this would be appreciated.

kingstreet

Yes you can and no it won't normally.

middleagedriver

Well that’s weird. I’ve just asked a very similar question to you. So will be interesting what everyone says

kingstreet

Your question/response is different to the OP's in this thread.

He is asking if a new app/val would be required and no, it wouldn't.

ACG

middleagedriver said:

Well that’s weird. I’ve just asked a very similar question to you. So will be interesting what everyone says

Ive just answered it haha. 
Take what Kingstreet says above what I say. I think he will use Nationwide more than I do. 

Chemistry777

Thank you all for responding on this thread and the related one.

in my circumstance I don’t think there is any issue with affordability so I will contact the lender in January.  Will report back here for others in this situation. Thanks again

gih

We're in similar situation with Nationwide (and also completing in Feb). Rates have fallen about 4 times since our application (in October). 

It was a simple process to change to a lower rate by phoning the mortgage advisor at Nationwide. Note however we were told that if we wanted to amend the application after our decision in principle expires (it lasts 90 days, and expires about a month before our completion date), then a credit check would be required again. We were told that the valuation is valid for 90 days as well, but in our case that is beyond our completion date.

Chemistry777

Really helpful gih, would save us around £100 a month. So definitely worth pursuing.

Letsgetmoving

I did it this week, also with Nationwide.

an email to our broker then a text the next day to say they had updated the offer

JustDavid

In most cases you should be able to swap to the new lower rate without going through a full application. However, once you've signed the paperwork for a product, you will often find lenders will charge you some sort of admin fee to get out of the new product and swap to the lower rate. It isn't huge, for example, I believe Barclays charges around £150 to do this. (also bare in mind if the new product has a higher fee than the previous one you'll need to pay the difference)