at what stage....

[higgins]

do you set the rate with the bank when buying a house?

I have talked with the bank about rates and am aware of the options but am set to close next week and still have not signed anything to say what rate I will get from them?

Is it the same day you sign for the house and receive keys? or can I sign for the rate at any stage and therefore get a rate before they may rise.

Except for the initial signing of contracts I have not agreed anything with the bank.

 

[Sarah W]

When lenders increase rates they will normally honour loans offered at the previous, lower rate as long as the loan is drawn by a certain date. If you applied for a fixed rate initially you should check the cut off date with your lender. If you have still not decided on a rate you will probably only have the current published rates from which to chose.

Either way you should contact your lender sooner rather than later.

Sarah

www.rea.ie

 

[higgins]

I have told the lender a few times what I wanted and was told yes thats fine that will be sorted out later. Its now about as late as possible as im due to close in a few days so are you saying I should have signed something already to have agreed the previous lower rate or the conversations over the phone is taking as agreement?

I will ring the lender back of course but was just wondering what was common practice before I get told what my options are, they dont seem as friendly now as they did when I was going for approval