When you take out a mortgage, we’re committed to helping you get the best deal possible. That’s why, after your mortgage offer is secured, we offer a complimentary review of your current rate. If market rates have dropped, you might be able to save even more!
Here’s how it works:
Proactive review: simply reach out to your adviser or case manager to request a rate review via email. Note that you'll need to request this yourself; your advisor won't contact you.
Timing is key: the review can take place once your mortgage offer is issued, but it must be at least 4 weeks before your exchange or completion date. This timeframe ensures there’s enough time for your case to be reassessed and a new offer issued, so your exchange date isn’t delayed.
Processing time: During busy periods, we have a lot of customers requesting rate reviews. To ensure we get the right outcome, please allow 5 working days for us to handle your rate request.
Please note: Some lenders may reassess your application at the time of resubmission, which could impact your original offer. If you have had any material changes to your circumstances please inform your lender of this ahead of requesting a rate review.
If you’re interested, don’t hesitate to get in touch with us – we’re here to help you make the most of your mortgage! We've included some commonly asked questions below to help you get to grips with the review service.
What if my adviser is on holiday when I want to make a rate review request?
Not to worry - we will be managing your advisor's inbox in their absence. So please send the request to you adviser and it will be passed onto a different broker to take action on their behalf.
How do I know if I’m eligible for a rate review?
If you’ve received a mortgage offer and your exchange or completion date is at least 4 weeks away, you’re eligible! Just contact your adviser or case manager to get started.
What happens if the new rate is higher than my current one?
If the market rate is higher, you can keep your original offer. There’s no obligation to switch to the new rate. Your mortgage offer will explain your options to you so you can be sure to make the right decision.
Is there a fee for the rate review?
No, the rate review service is completely free for our clients. Once you have paid your initial broker fee (if applicable) the rate review service comes at no extra charge. We’re here to help you get the best possible deal. Please speak to your solicitor to determine whether a revised rate will incur any delays or additional fees on their end.
What is the risk of losing my original offer?
Some lenders reserve the right to reassess your application before completion and/or at the time of any new rate review request. Other lenders require a whole new application to be submitted in order to take advantage of a new rate.
We’ll discuss any potential risks with you before proceeding. It is important you inform us of any material changes to your circumstances, including new lines of credit or missed payments.
Can I request a rate review with a different lender to the one I am currently applied with?
The main purpose of the service is to save you money with your current lender, if another lender is offering a better deal then you will need to discuss with your advisor as it will involve submitting a new application and going through the assessment process from scratch!
How long does it take for the new rate to be applied?
Please allow 5 working days for us to review your rate request. If a new rate is available and you decide to go ahead, we’ll ensure everything is processed as smoothly and quickly as possible.
For example, if you request a rate review on Thursday, and the lenders rates go up the following day, we have not had sufficient time to process the request.
What if my exchange or completion date is less than 4 weeks away?
Unfortunately, we recommend against requesting a rate review within 4 weeks of your exchange or completion date to ensure there’s enough time to process any changes.
How often can I request a rate review?
You can request a rate review once your case has reached the mortgage offer stage. We do not have a limit on the number of rate reviews you can request in the timeframe described above, however we would recommend reaching out to your adviser every 2-3 weeks to keep up to date with the current market.
What if a lower rate is available with a different lender to my current product?
The main purpose of the service is to save you money with your current lender. If another lender is offering a better deal then you will need to discuss this with your advisor as it will involve submitting a new application and going through the assessment process again.
What if I don’t contact my adviser or case manager for a rate review?
The rate review is entirely optional and must be requested by you. If you’re happy with your current rate, you don’t need to take any action. However, we encourage you to explore this opportunity to potentially save more
What happens to my original offer if I decide to proceed with a new rate?
Once the new rate has been accepted, your original offer will be void. Please take this into consideration, as if you want to revert to the original product you may have to apply from scratch, and the product may no longer be available.