Mortgage Interest Rates

L

LFC Murphy

Registered User
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103
Just a quick question.

I'm going for a 2 year fixed at X%. The loan offer is signed and sent back to bank.
Broker rings and stated that rates are rising tomorrow (close of business) and that we need to close by then to ensure I get that rate.

I was under the impression that once I've signed then thats the rate I get, and not the new rate quote.

Can anyone clarify please am I entitled to the rate I signed or is it the rate at drawdown.

Thanks
 
Usually the rate at drawdown but banks usually honoured the rate they give when signing. However in the current market, this is probably not the case
 
Contracts will have terms and conditions, which they assume you read and understand

Some where in there its usual for the bank to cover themsleves saying things can change until the cash is drawn down.
 
Mr DT said:
Some where in there its usual for the bank to cover themsleves saying things can change until the cash is drawn down.
Click to expand...

generally this is in the "special conditions" - ie the conditions that relate to your specific loan
 
Buying a home for most people will be one of the biggest financial descision they will ever make. Not reading and understanding the terms and conditions of a mortgage offer or contract of sale doesn't make sense, does it?
 
No I didnt take offence, just remembered those paragraphs and felt the need to say that really :(
 
LFC,
Can I ask what bank is raising rates tomorrow?
Like you I have signed but not drawn down and a small delay looks
like i won't get this wrapped until next week now.
My mortgage is with EBS so I'm hoping they won't raise before that
 
BOI are putting up rates tomorrow
 
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