Mortgage Inquiry

Fxzd

Hello, I am FTB and recently got a mortgage offer from a lender for 2 years fixed rate , but later I got information about the 5 year fixed rate being cheaper. I made inquiry about this from my mortgage broker , who told me there was a product fee attached to the 5 years fixed term and that changing the offer doesn’t take time , just few hours . I paid the product fees, but it’s being more than 5 days now and I haven’t gotten another offer yet , they even requested an extra document which has been provided. I have been asking my broker about this and he said, it’s still being reviewed. Please what does this mean. I have already signed with the solicitor for the first offer. I am bit worried.

ACG

Signed with the solicitor for the first offer? Do you mean you have instructed the solicitor? If so, thats fine. They can carry on whilst the new offer is being issued.

Who is the mortgage lender? Some lenders offer instant offers, some take 2-3 days. 5 days is a bit on the high side, but if you are looking at a small building society that might explain it.

Fxzd

Thanks for the reply.I signed a mortgage deed with the solicitor, although I inform the solicitor when changing the offer. Which they’ve acknowledged .The lender is Barclay.

ACG

Ah, barlcays are either very good or very bad.
Leave it with the broker. She/he is probably pulling their hair out trying to deal with barclays stupid systems and processes. It will probably get done, they just want everyone to lose a bit more hair first.