Accepted Mortgage Deal, now rates have dropped.

djwoodyuk

Hi.

I was recently accepted for a mortgage offer (around 7 weeks ago), and am in the process of buying a new property which we hope to move into in the next month or so.

Since I was accepted, the interest rates on the mortgage products have dropped.

I spoke to the bank this morning and they advised that I would only be able to select a new deal by going through the whole application process again (which I don't want to do, with being this far on in the house purchase).

I was under the impression that you could simply choose a better deal before your new mortgage started.

Does anyone have any experience with this?

Thanks 

Mark_d

I'm in a similar position - aiming for completion end of July.  Halifax have given me a better rate on my same mortgage (same mortgage account number).  But I understand banks are unlikely to do this kind of thing in the month or so before completion.

Ayr_Rage

"I was under the impression that you could simply choose a better deal before your new mortgage started."

Did your lender tell you that previously or is it wishful thinking on your part?

You'll just have to follow their rules if you want a different rate.

jonnypb

It'll depend on the lender, I switched my mortgage and was told I could change to a better rate if one became available up to 2 weeks before the switch date.

ACG

Every lender differs. Some will allow you to send an email or fill out a form, others need us to go back into the application. However with some lenders (TSB being one of them), if you try to change the product they will credit score your application again, that could mean you lose your offer completely. And yes, some lenders do require a full new application.