Mortgage rate and completion advice

Reziql

Hi, I've agreed to buy my first house and I've got a completion date from my solicitor for the 31st of January, my mortgage advisor rang me earlier to say that the rate has dropped 1% from what we had agreed at and she would try to change it to the new rate. 
I'm just wondering how likely is it for it to be changed to the new rate as it would be saving me close to £100 a month..

Thanks

kingstreet

It can be done. Depends on lender. Some are taking days, others can be done in five minutes.

ritz55

I've just done the same. I'm looking for a further advance on my current mortgage and was due to complete on monday (although I don't need the money for a bit). My broker cancelled the completeion and asked for the new rate. He said new offer will be with me in a weeks time and I can then choose a new completion date after that. Saving 1% so about £125 per month. 

taylor86

I applied straight through Halifax and have had 3 rate drops since the autumn with no issue however the last one we requested last week proved more difficult. Apparently the lending criteria had changed and we could no longer borrow the amount we had applied for. Got referred to the underwriter and thankfully approved again but so close to exchange that’s a stress I don’t care to repeat!