Mortgage Interest rates in September compared to October?

[Bigpaintinglittlepainting]

Hi all,

We are having a nightmare with our mortgage broker, I’ve realised that he has delayed our application from the 13th August until this week! I am looking at the interest rate change in that time and wondering if it has cost us money, so if anyone can advise if they had applied for a Santander mortgage, 5 year fixed rate with 85% LTV in August or early September what your interest rate was that would really help me.

Either to put my mind at ease or so I can put a complaint in to the brokers, I’d be very grateful! Thanks

Don't know about August but dd got a 5yr fix 85% with santander at 1.95% in January

Mine is currently going through but it’s 75 % LTV at 1.84% with West Bromwich. They apparently have the quickest turnaround at the moment. Fixed 5 year.

Hi thanks everyone, they actually put the application mortgage through today and apologised. Problem is because of the brokers delaying I will be paying over a grand more over 5 years than I was going to. I think I will complain and see what happens.

Yes, applied August 24th 85% LTV 5 years 2.39%

Have still not got mortgage offer, Santander have ridiculous wait times at the moment, not sure if your mortgage advisor has warned you of that

I was warned re Santander turnaround time as well! West Bromwich also do cashback which will pay towards a good chunk of my legal fees.

Only reason to go with santander at the moment is they are the only bank to offer 5x multiple of salary
Otherwise they are slow and rate not competitive unless you have 25%+ deposit

We have just got a mortgage with santander (we are existing mortgage customers) and they have been exceptionally quick for us. 3 days from full application to valuation and full offer. We couldn't believe the quick turnaround.

I can't help with rates as we are porting our current mortgage, and then got a top up mortgage for the difference.

@Cockadoodle27 wow that’s crazy, what do your vendors make of that ???

Thank you for your experiences everyone, it’s not a great time for applying for a mortgage. My nerves are shot

@bigpaintinglittlepainting as you can imagine they've been getting worried!! But, as it turns out, we were due the offer this week (normal 6 week santander timescale for FTB) and now the delays are because it's pending valuation. Valution hasn't been done because they're selling through purple bricks and purple bricks are too incompetent to answer the phone to arrange, so the delay blame can go back on the vendors now so takes the pressure off a bit! I'm no longer getting the daily purple bricks chaser phone calls (quick enough to majorly hassle me all the time eh!)

Good luck with the Santander wait though, it's a very stressful edgy time

@Cockadoodle27 gosh yes it’s a back and forth blame game at the moment

We have an issue with the land registry that’ll take 7-10 weeks for them to sort out but they won’t do anything I bet until the mortgage valuation comes through.

If we get this through before the stamp duty Holiday ends it will be a miracle

We applied in August for a remortgage (we’re taking out capital for an extension) so a 90% one with Halifax at 2.2% over 5 years. Our advisor was keen to get it done then as knew interest rates would rise (we’re not done with current mortgage until December but it won’t expire before then)

We have had 3 mortgage in principle done since January - each time the interest has gone up a little and the amount we can borrow has gone down a little.

Everything has been the same each time - we've just been renewing the lapsed MIP.

@bigpaintinglittlepainting oh dear, best of luck - just get the ball rolling in every different court you can as soon as you can and you'll make it, as long as your vendors/chain are happy to wait