A few weeks ago we agreed a 5 year fix at 4.94% for our new mortgage with nationwide and it was approved within 48 hours despite saying it could take up to 6 weeks.
The next day our buyers pulled out. However last week we secured a new offer from a couple who have a cash buyer and are already 6 weeks into the process. Our seller has now also had an offer accepted on a vacant house so the chain is established.
Nationwide have now lowered their fix rate to 4.74%. They have said we can reapply for the lower rate but it's not guaranteed we'd be accepted. Nothing has changed our end and we are borrowing within our means, so we are tempted to reapply but wanted to see if others would do the same in our position? We understand a fixed rate is always a gamble and we don't want to delay the chain unnecessarily but as people are still at survey stage and it came back so quickly last time it would be very nice to save some money.
Would you reapply if you were us?