When Should I Start Looking?

jingle68

Hi, my BTL 2yr fixed rate deal ends Jan 2009, when should i realisticaly start looking for deals or approach my current lender?

thank you
Jingle68

lisyloo

Remortgages can take up to 3 months.

In general - your existing lender will only let you book up to 3 months ahead.
New lenders will let you book up to six months ahead.

Note you can book up front to go ahead many months in advance (if advantageous).
I have a fixed rate booked to go ahead in Novemeber, the day AFTER my penalties end.

At the moment rates are falling so you would be better off waiting, however there is a trade-off between waiting too long and paying SVR and booking too far in advance and getting an uncompetitive deal.
At the moment I thinkthe balance is skewed towards cutting it fine.

It won't be the end of the world to pay SVR for a few weeks as some rates are not far off SVR anyway.

sarkin

Abbey have now introduced a £150 fee up front to stop people changing lenders as rates have been coming down. I would start the ball rolling in October and get the offer out ready for Xmas as solicitors will be shut for 2 weeks over xmas and then you roll into Jan and complete.