Will Skipton BC lower my rate before completion?

gerionomo

Hi all,

FTB and first-time poster so please treat me with kid gloves as I'm feeling waaaay out of my depth.

We've got a mortgage offer for a 2-year fix with Skipton, due to complete early September. However rates have dropped since we got the offer to the extent that now we could be paying £500 less a month if it was on currently advertised rates.

A lender used by a friend last year had a system in place where they automatically moved her onto the lower rate if the fixed-rate dropped before completion, does anyone know if Skipton do the same? I've asked our broker but they're on leave for a couple of days so thought I may get a quicker answer here.

Many thanks! 

DE_612183

Have you asked the skipton?

housebuyer143

gerionomo said:

Hi all,

FTB and first-time poster so please treat me with kid gloves as I'm feeling waaaay out of my depth.

We've got a mortgage offer for a 2-year fix with Skipton, due to complete early September. However rates have dropped since we got the offer to the extent that now we could be paying £500 less a month if it was on currently advertised rates.

A lender used by a friend last year had a system in place where they automatically moved her onto the lower rate if the fixed-rate dropped before completion, does anyone know if Skipton do the same? I've asked our broker but they're on leave for a couple of days so thought I may get a quicker answer here.

Many thanks! 

No they don't. You need to reapply for the lower rate.

gerionomo

DE_612183 said:

Have you asked the skipton?

Yep, because we got the offer through a broker they said we had to go back through them. Thankfully they've now come back to us.

If helpful for anyone else finding this at a later date and asking the same question, it is possible - Skipton can do a rate switch before exchange and completion, as long as you've got a few days for the process to happen. This doesn't change the product, so you don't need to reapply, it's just a change to the rate.