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Nationwide Mortgage Application - If rates drop...
I'm about to apply direct for a mortgage with Nationwide. Does anyone know if they allow you to move to a lower rate if rates drop in between mortgage application and exchange?
I've seen varying things online, some saying they allow it, and some saying they insist on a full new application.
Comments
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I dont know about going direct.
If you go via a broker, you can take the application back to product selection and proceed - however I think it might result in a new credit check (dont hold me to that though, im not 100%). Also I think it would need to be done and dusted by the 18th or 20th of the month before the new rate kicks in… eg if 1st of May, it would needed to have been done by the 18th or 20th of this month.
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1 -
This page on their website states:
"If you change your mind after applying to switch, you might be able to cancel it. To switch to a different deal before your current one takes effect, you’ll need to cancel the original switch and apply again.
"When you cancel a switch, you need to wait up to 5 working days before you can apply again. Depending on when you cancel, that might mean there won’t be enough time for you to apply for another deal to start from the following month. If that happens, you could be moved on to the Standard Mortgage Rate or Base Mortgage Rate until a new deal takes effect.
"If you want to cancel, you need to do this on or before the 20th of the month before your new deal is due to start. For example: if your start date is 1 August, you have up to 20 July to tell us you want to cancel. If the 20th is a Saturday, Sunday or bank holiday, you also have the next working day after that to tell us. This also means you won't be able to cancel if you applied to switch after the 20th for a deal that starts the following month."
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Presumably this isn't an existing mortgage rate switch?
On that assumption, you are able to switch to a new rate easily. Brokers can make the amendment themselves in about two minutes.
The only times I've known a new application be required are change of property, or expiry of offer.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
Thank you. No not an existing mortgage switch - a new mortgage application for a house move.
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