Mortage rate moved after approval - what to do?

[kmpowell]

To cut a long story short...

1. We applied for a remortgage product pre-brexit. We were approved without quibble and a 16wk window given to complete.
2. Base rate was cut, and Virgin lowered their rate on the product by .2%, so I inquired if we would get the new rate of 1.74 v the 1.94 (fixed for 3yrs)
3. Virgin said no, citing the 1.74% being a new product (different product code) so if we want to do a switch we need to start the entire application process again.

Whilst i'm not adverse to restarting the application, my worry is another credit check against our names, and what impact that has given the £amounts.

Can anybody shed any light on the impact (if any), and am I worrying over nothing?

Thanks in advance

[Gareth79]

A couple of years ago I switched from an HSBC mortgage to First Direct, basically the same product but different parts of the group, the FD product being at a lower rate. My final intention was to move to an even lower "loyalty" rate which was for existing customers only. It was a full remortgage application going between HSBC and FD, but then moving to the loyalty rate was relatively easy.

I'm reasonably certain that the final switch didn't incur any credit checks (just a small wad of paperwork), have you asked if you can switch to the new lower rate after the remortgage at the higher completes?

[Jimnic007]

I did this two years ago with HSBC after they dropped the price of a five year fixed by 0.5% after approval. I did the sums and worked out it would be cheaper to pay the additional £999 product fee (no refund of the £499 previous fee), but as the approval had been credit checked within the last 4-6 weeks, the rest was painless.
Ask the question to see if they need to do all the checks again, seeing as they were done recently.
Hope this helps,
Jim

[kmpowell]

Had it confirmed that the £995 fee I paid originally can/will be transferred, but there will be another credit check made on our records due to it being a new application.

So does anybody know the impact, if any, of another credit check for this type of application?