FTB: possible to switch mortgage deal with same lender?

Eowyn1

Hello everyone,

I'm a first-time buyer in the process of buying a property, and I have a quick question about mortgage rates. At the end of March I applied for the mortgage through a broker, who found me a 5-year fix at 4.74%. The mortgage offer came through last week, but I haven't yet concluded the missives (buying in Scotland). This morning I was browsing on MSE's mortgage 'best buy' page, and noticed that the same lender is listed there offering a 5-year fix at 4.58%. So not a massive drop, but still a slightly reduced monthly payment (and the savings would add up fairly quickly).

I have two questions: firstly, is it possible to ask the broker to switch over to this deal, or is it too late? Secondly, if it is possible, would it involve re-applying for the mortgage all over again? The offer took ages to come through because of numerous technical glitches and I'm wary of delaying things further.

Any advice would be very much appreciated!

BarelySentientAI

Eowyn1 said:

I have two questions: firstly, is it possible to ask the broker to switch over to this deal, or is it too late? Secondly, if it is possible, would it involve re-applying for the mortgage all over again? The offer took ages to come through because of numerous technical glitches and I'm wary of delaying things further.

Firstly, usually.

Secondly, usually not - assuming it's just which product you want and nothing else is changing.

ACG

Most lenders will allow you to switch products post offer so long as you have not yet completed. 
However some lenders will rescore your application... Not all though. 

Who is the lender? 

Eowyn1

Thank you both. The lender is Santander. Nothing else would be changing (same mortgage amount, same 5-year fix, same term). I'm just a bit wary because the provisional entry date is 3 May (though as I say, missives haven't concluded), and everything suddenly feels very tight and I'm worried that if there's a further delay the vendors will pull out. Possibly me overthinking though. I will contact the broker on Monday and see what they say.