u/DiskApprehensive7187

Hi,

Literally just submitted my HSBC mortgage application this morning and now just found out that they are reducing rates tomorrow.

Done through a mortgage broker. The credit check and affordability check has passed already - is it too late for them to change to the new product tomorrow if there is a better rate tomorrow?

We had a call today to say our offer had been rejected (We offered the asking price of £400k) as they’d accepted another offer of £412k.

My relative (without me asking) called 4 hours later and asked to view the property. They told her they’d had 3 offers but she can come view it.

Is this normal?

First time buyer, have no idea what I’m doing and have been hearing it’s a “buyers market” etc. but it feels so difficult?

We are trying to buy in a commuter town (probably the issue) around the £375k-£425k range. 2 bedrooms.

Have viewed two houses. The first one we didn’t put an offer in but it sold the day after we went for the viewing.

We viewed another on Saturday and offered 6% below asking. This was rejected and we have now offered asking price. Rejected and they’ve gone with another buyer who has offered more than £425k. They said there were 7 viewings on the day we went, and there were 3 offers.

Honestly I don’t think the house is worth more than 425k, so feel like I did the right thing walking away at that point but it is not giving me much hope.

Any advice on how to deal with the process? It’s stressful and estate agents are so vague it feels unfair as they hold literally all the power.