A: A lot of people have been asking this question, and understandably so.

What happens if you rush to secure a new rate but then, before your current rate comes to an end mortgage rates come down?

Applying for a mortgage secures that rate provided you receive a mortgage offer, but the new deal won’t actually start until you say so (normally when your current rate comes to an end). Up until that point you can change your mind for any reason, including if there’s a better offer.

There may be additional fees to factor in for changing your application after you’ve received an offer, but we’ll be able to advise you of these and they would be factored into the calculation of whether it would be cost effective to switch deals.