Halifax mortgage just approved, but rate has now dropped, what should I do?

Doonhamer

Hi, had approval last week for a 5 year fixed. Not getting the keys for another month, but I see Halifax are reducing rates today. Do I need to re-apply all over to get a lower rate now? They approved really quickly first time.

RelievedSheff

We had similar when we remortgaged to Halifax last time. We just rang them up and they swapped the product for us and sent out new paperwork.

kingstreet

Five minute job for a broker. Then about another forty minutes updating all the PITA compliance documents we have to produce.

johnhenstock

no need to re-apply, you just demand a better rate, your broker does this multiple times a day, probably...

in fact, if it goes down again in a few weeks, you request that as well.

CrGlo

johnhenstock said:

no need to re-apply, you just demand a better rate, your broker does this multiple times a day, probably...

in fact, if it goes down again in a few weeks, you request that as well.

Hi, is this normal to be able to demand a better rate if rates drop, or is it different / unusual just now? For a mortgage rate fixed now, but due to start in December, would we be able to keep asking for a better rate right up until December if mortgage rates continue to drop? We also fixed with Halifax ahead of the interest rate rise last week.

if this is normal, in future I would always take the best deal six months in advance and then move to any better deals until the new deal starts - I didn’t know this was an option before.

johnhenstock

It was always an option, everyone does it. This is why you ALWAYS secure an offer as soon as you’re entitled to it and keep an eye on the market until it actually starts. This way you’re guaranteed the rate you selected, meaning that in case of nuclear war, you know what your mortgage will be.

you can also reduce your rate as soon as one becomes available, up until the day before the new rate is scheduled to kick in.

this applies to both product switches and first time mortgages / remortgages.

B0bbyEwing

johnhenstock said:

It was always an option, everyone does it. This is why you ALWAYS secure an offer as soon as you’re entitled to it and keep an eye on the market until it actually starts. This way you’re guaranteed the rate you selected, meaning that in case of nuclear war, you know what your mortgage will be.

you can also reduce your rate as soon as one becomes available, up until the day before the new rate is scheduled to kick in.

this applies to both product switches and first time mortgages / remortgages.

I wish I'd known this sooner!! Could've saved me a good bit of cash. 

Anyway, just a comment on the "up until the day before..." part.

If I've understood my Nationwide deal, I have until the 20th of the previous month to cancel. After this I can't.

As my deal goes ahead 1st October, 20th September is my final date to change anything.

Unless that only applies to cancellations & I could make a rate change no problem?

CrGlo

B0bbyEwing said:

johnhenstock said:

It was always an option, everyone does it. This is why you ALWAYS secure an offer as soon as you’re entitled to it and keep an eye on the market until it actually starts. This way you’re guaranteed the rate you selected, meaning that in case of nuclear war, you know what your mortgage will be.

you can also reduce your rate as soon as one becomes available, up until the day before the new rate is scheduled to kick in.

this applies to both product switches and first time mortgages / remortgages.

I wish I'd known this sooner!! Could've saved me a good bit of cash. 

Anyway, just a comment on the "up until the day before..." part.

If I've understood my Nationwide deal, I have until the 20th of the previous month to cancel. After this I can't.

As my deal goes ahead 1st October, 20th September is my final date to change anything.

Unless that only applies to cancellations & I could make a rate change no problem?

Yes that’s a nice surprise isn’t it? Hopefully it’ll be possible to bring the rate down a bit as we’re due to pay over 50% per month more than just now. I have the same confusion as you over the final date to make changes - on the one hand they said any time until the day before completion (which they said is the day before the new mortgage starts), and on the other hand they said until a month before because that’s when the direct debit gets set. I did ask about this twice and still didn’t really understand when the actual ‘final date’ is.

housebuyer143

Have you considered someone to go around and inspect the roof to see if it's okay? Might be they are being honest and the invoice does just look the same? 
If it needs anymore work you can haggle down the price. 

johnhenstock

housebuyer143 said:

Have you considered someone to go around and inspect the roof to see if it's okay? Might be they are being honest and the invoice does just look the same? 
If it needs anymore work you can haggle down the price. 

wrong topic??

Letsgetmoving

We managed to drop our mortgage by £140 a month as the rate dropped twice. (Originally Applied after the mini budget) An email to the broker and it was done in hours. I did get talked out of doing it again a week before exchange to save £9 just in case it causes any delays though