Reserve a mortgage 6 months in advance

nicksta27

Hi

My fixed rate mortgage ends at the end of January and I was wondering which lenders allow you to reserve a product more than 3 months in advance?

Thanks

luckyfool

There are a number. With mortgage rates heading up it might be an idea to get something booked now.

Nationwide offers are valid for 6 months for instance.

You should consider speaking to a broker to source the market for you.

mrmajika

First Direct and HSBC.

nicksta27

mrmajika wrote: »

First Direct and HSBC.

Thanks for your replies, so it is only HSBC and First Direct that offer them 6 months in advance then?

I am thinking of maybe reserving one now as I can only see the interest rates going one way - up!!

arkie

Some lenders are now charging you a reservation fee UPFRONT, just to stop people 'edging their bets"

luckyfool

nicksta - as I mentioned in my first reply, Nationwide offers are also valid for 6 months.

One good thing about Nationwide is a) you do not need to pay a fee upfront. and 2 - if you take a variable tracker you can effectively hedge your bets as you are able to switch to a Nationwide Fixed rate once you are up and running without paying any redemption penalties. So if rates significantly improve once you have completed you can drop into a fixed rate (though there might be an arrangement fee at that time).