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  • FIRST POST
    • ssmforumbuddy
    • By ssmforumbuddy 15th Sep 19, 9:59 PM
    • 5Posts
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    ssmforumbuddy
    Changing the Mortgage rate before signing the contract
    • #1
    • 15th Sep 19, 9:59 PM
    Changing the Mortgage rate before signing the contract 15th Sep 19 at 9:59 PM
    Hi - I've got my mortgage approved and received the copy of the approval from my broker. I've not yet signed the mortgage deed and am in the last few weeks of signing my exchange process. Now the same lender has come up with a reduced mortgage offer. All the clauses and charges are same except the rate Can I simply call my broker and ask him to change the mortgage to the cheaper rate? Or that means a new process?

    Am being greedy to save a few thousand over the next 5 years but at the same time don't want to have the hassle of delaying the process.

    Thanks
Page 1
    • JMA74
    • By JMA74 16th Sep 19, 6:19 AM
    • 682 Posts
    • 497 Thanks
    JMA74
    • #2
    • 16th Sep 19, 6:19 AM
    • #2
    • 16th Sep 19, 6:19 AM
    Depends on the lender as to how much hassle it is. Some even charge for rate changed post offer.

    Ask broker to look in to it as any money saved is better in your pocket than the lenders
    I am a Mortgage Adviser

    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.
    • ssmforumbuddy
    • By ssmforumbuddy 16th Sep 19, 10:51 AM
    • 5 Posts
    • 0 Thanks
    ssmforumbuddy
    • #3
    • 16th Sep 19, 10:51 AM
    • #3
    • 16th Sep 19, 10:51 AM
    Thanks for the reply.
    • Mortgage_Adviser
    • By Mortgage_Adviser 16th Sep 19, 11:49 AM
    • 298 Posts
    • 122 Thanks
    Mortgage_Adviser
    • #4
    • 16th Sep 19, 11:49 AM
    • #4
    • 16th Sep 19, 11:49 AM
    If there is no fear that the vendor may pull out at any time (Eg. being offered a better price by some one else) it would propbably make sense to ask for the deal change, which will probaly take a few days to be processed.
    If there is the above concern and you don't want to take your chances, you may want to leave it as it is.
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