Introductory Period finishing end of June

amjad171

Hello,

My current introductory mortgage offer is finishing at the end of June. I will have around 53k to pay over 22 years. I just wanted to ask when I should start looking around for a good remortgage deal and does anyone know of any good ones out there. At the moment i'm paying around £376pm.

Thanks for your help

Barney088

I'd start looking in April or May. Don't pay their variable rate for sure but D day minus about 8 weeks should be enough. Remember it's a new financial year for many lenders in april so you'll see a surge of new rates looking attractive. Many lenders rates will be fixed until a date, so booking one of those now will only eat up time and you'll not get the full benefit of the mortgage.

amjad171

Thanks Barney088

I will have to have a good look around April/May, when would I need to let my current lender know that I am moving and is it possible that they may be able to offer a better rate or will they just put me on the standard variable?

I would be interested in a fixed for around 3 years with the option of overpayment every now and then. Is that possible with fixed mortgages?

Thanks again

Barney088

I would recommend you tell the exisiting lender at the same time you are looking, this will give them time to offer you something to stay with them. There will be savings in staying with your current lender but unless you know what is on the table you'll not be able to make a decision, nor will an adviser.

It is possible to make overpayments on a fixed rate, this will be something you need to work out whether the flexibility of the mortgage is worth any penalty. Most lenders will allow overpayments but some will charge a fee for doing it, those that don't charge a fee may make up for it with a slightly higher rate.