Anthony Emmerson

So if you took out a mortgage application with Santander, for example, and the rate went from 4.7 to 4.5, we could ring Santander up, get a new mortgage offer issued, and they would issue a new mortgage offer at the lower interest rate.

The reason that we say that you can do it up to the point of exchange is that once you've exchanged contracts, because you have to complete on a set day and a set timeline,

it's very risky to go back to the bank and ask for a change to be made because the bank has the right to reassess the entire loan under whatever their new basis is so affordability might have slightly changed the kind of property that you're after might have slightly changed so there is a risk that the lender might pull the product at that point however generally speaking it doesn't affect the client's application

Absolutely.

That's 100% correct.

And I think too many people, especially when it comes to remortgaging, don't really know that fact.

And they wait and wait and wait, hoping for a better situation, whereas you can do it as early as you want and then just review and review and review every month for the next five or six months.

We can get a change of product up until the mid of the month before your rate expires.

So if your rate expires in June, we can get you a change in product up to the 15th of May.

That's on the purchase side of things, absolutely.

Purchases...

whole system and the way it works is somewhat archaic but i don't really see it changing we used to have the you know the implementation of that buyers pack which i thought would actually

revolutionize things in a very positive way.

Scotland manages to get everything sorted out before they put their house on the market.

Can't really understand why England hasn't followed suit.

You go to other parts of the world, 28 days from the day you accept, after seven days it goes unconditional and away you go.

So it's just a different way of looking at it, but change is something that most people don't like.

The tracker differentiation, I mean, I looked at interest rates in preparation for this.

At 60% loan-to-value, for example, the tracker rate currently is 3.96, whereas the same product fixed rate is 4.42.

So you're looking at nearly half a percent difference between the two products.