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Mortgage rates dropping after deal agreed

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  • Mortgage rates dropping after deal agreed

    I am in the process of buying a house as a first-time buyer.
    I am at the stage of the solicitor conducting the searches.
    The solicitor has just sent me the mortgage deeds to sign to enable them to obtain the advance when it is required.
    However, mortgage rates are now falling. If i sign this deed will i be locked into the mortgage at the rate it states or will i still be able to get the lower rate if my mortgage provider drops the interest rate before the exchange of contracts?

  • #2
    Re: Mortgage rates dropping after deal agreed

    Mortgage rates are now falling? The expectation is that they will be going up in the near future, because at some point the Bank of England will need to raise interest rates, and mortgage rates are expected to rise with it.

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    • #3
      Re: Mortgage rates dropping after deal agreed

      I was thinking of the government's recent scheme to lend money to banks cheaply, with conditions attatched, so that they wont get the full benefit unless they pass it on to lenders.

      I thought this was having some effect on mortgage interest rates - they seemed to have been rising the last couple of months but i've noticed some fall in the last couple of weeks...(?)

      I appreciate this may only be a very short term effect.
      Last edited by ameliajane; 11-08-2012, 09:48 AM.

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