Changing Mortgage Product Before Completion

csswiift

Hi guys,

I’ve had my offer from Platform for a few weeks now and I’m due to complete next Friday (28th).

The product I have is for a rate of 4.57% over 60 months. I’ve checked today and their rates for the same product have reduced to 4.26%. This would save me £4,200 over the fixed period.

Is it possible to switch the deal over so close to completion without effecting the date?

csswiift

Bumping.. 😁

IAMIAM

Yes. You can change, but I do think the way lenders decide on whether its a simple job, a re-key or a full new application is annoying. HSBC for example, I've changed numerous times in 3/4 months and 2 of them I could do online, then it needed to be rekeyed by them, and now they have said its a brand new application again. 

csswiift

Yeah that’s my concern. Platform are notoriously slow at anything so for this to be a quick job would be too easy. However, it is £70 per month so I may need to bite the bullet.

TheJP

Can you ask them? Just bear in mind if you have exchanged contracts with an agreed completion date and the new mortgage product hasn't been confirmed you could breach your contract.

IAMIAM

Funds are usually released on a Wednesday for a Friday completion

user1977

TheJP said:

Can you ask them? Just bear in mind if you have exchanged contracts with an agreed completion date and the new mortgage product hasn't been confirmed you could breach your contract.

Or rather, you’ll have to use the original product.

SeekingLogic

Does anyone have any experience of whether changing products is easy (or needs full new application) for Coventry BS and Accord? We're in the same situation with exchange probably tomorrow, and completion in 10 days on 4th, and both rates came down last week....

csswiift

I spoke with Platform this morning and they said it’s easy enough to do but would require longer than the few days I have unfortunately.

i would imagine it’s the same with all lenders.