Remortgage Tips: How to Potentially Lower Your Rate Before Completion

[ritae]

Remortgage ADVICE!!
For any of you that didnt know this (I didnt the first two times I had a mortgage) When you have your mortage offer, up until completion you can ask them to check again if there is a better rate. So far I have done this and my rate has decreased from 5.49% to 5.21%. I am hoping I can lower this further before I complete. Save every penny I can

 

[1968firebird400]

Good advice. Hopefully it will go down again between now and completion for you

 

[thamee]

Yes! And this is why it's good to go with a decent Mortgage Broker. The lenders don't offer this as standard but the Broker should and a decent one definitely will xx

 

[rebeccaanderson686]

@thamee Absolutely agree with this! Xx

 

[jayakumar]

The mortgage offer is only binding on the lender so yes always good to keep on things

 

[vhrebs]

Ours ran out a few months ago and I became obsessed checking every day! Its a great idea! Just ensure they are 'no fee' morgages otherwise you get charged the 'taking out fee' each time. Managed to get from 5.54 to 4.44 which is still ridiculously higher than it was but I suppose not as high as it could have been. All the best with it!

 

[lmoore413]

Does this not affect the paperwork though? Therefore all parties needing new updated paperwork? Only asking as I'm still awaiting completion!!

 

[jpowell]

@lmoore413 my sister is doing ours and she told us it does not as its not a reapplication.

 

[glara12]

@lmoore413 no not for a rate change

 

[ritae]

@lmoore413 they will only be reissuing me with the offer letter.

 

[sunflowergirl]

@lmoore413 if you have a broker they should be doing this automatically.
Some banks it is really easy, submit the request and depending on timescales can take only a week to have new issue offered which your solicitor would need to review but the only change would be your rate. Nothing else changes so no need for the other side to review.
Depends how close you are to completion and if it would delay you x

 

[momof4mindofnone]

@sunflowergirl if u have a broker no u literally get sent new paperwork everything the same apart from the rate u sign post it then it's done

 

[animated201]

@momof4mindofnone
But be wary because some lenders re credit check when swapping products. It’s not always best advice to do this x

 

[momof4mindofnone]

@animated201 yes if u swop they may do but if u stay with same provider they don't that's what we did darl

 

[animated201]

@momof4mindofnone that’s a product transfer, not a remortgage.

 

[momof4mindofnone]

@animated201 yes I know

 

[sallz84]

@lmoore413 just have to go through a new mortgage illustration, which is quick and easy x

 

[lyndsie]

@lmoore413 it is applying a new rate so no additional affordability checks etc, however I will add that as your mortgage offer is being reissued they may, in the case of a new mortgage or remortgage, re credit check you & if anything has changed on there since the original offer then that may stop the new offer coming out. In most cases it is just a new illustration & new offer posted/emailed but you must also make your broker aware of any changes too & let your solicitor know a new offer has been sent out x

 

[norms]

5 %
I’m dreading remortgaging

 

[apolloslyre]

@norms me too!