Will I get a new interest rate?

[RunningThroughMyHead]

Can someone tell me how it works with interest rates and mortgage in principles?

We're in a chain and hoping to move later in the Summer. If interest rates go down in that time, even by a small amount, will our MIP rate go down too?

We have a private broker, will they have to actively seek new interest rates or does the bank offer them?

Not sure how the process works! Thanks!

So last year we got offered a mortgage at about 5.5%, as we waited to exchange contracts we kept getting offered a new rate every time the bank changed their deals. If it’s lower obviously you accept it but if it’s higher you can stick in what you had previously.

Sorry - to add, we also used a broker and he was the one that kept offering us the new rate. I assume the bank was notifying him when the deals changed and he could update our offer if we wanted.

Oh ok, I'll message our broker tomorrow to check and see what he says!

I think sometimes it’s automatic and sometimes you have to ask. But yeah definitely check with your broker.

we’ll be on a tracker, hoping it goes down.