When to apply?

gazza975526570

Im currently 4 1/4 way into a 5 year fix and im on 4.59%.

Im keen to fix again for another 5 years and am wanting to do so before rates start rising.

The current rate with my own lender is is 4.39% for a further 5 year fix at 74% LTV.

It ends in Oct - when do i apply? Does it make any difference and will it just be the percentage at the date my current mortgage ends and the date the new one would start?

(I know im really early - but just trying to get a financial plan for the year)

themull1

Your lender will tell u when you can apply for the new fixed rate, normally 6/8 weeks before the old rate ends. you need to ring and ask them. The rate that you sign up to is the rate you will get, when you sign and return the paperwork, thats when you become tied in to the new rate, and it will start when the old rate ends, normally if its part month, they add a bit more on to the first normal monthly payment taking in to account interest charged.

kier333

i am in a simular situation, i was given the mortgage end feb 09, moved into the property aug 09 and i dont think the funds were drawn down until near that time (aug 09), spoke to my bank and they say i can start looking to refix around min jan, so a couple of weeks time. does this mean i will pay my current rate 6.79% or go on to the new rate end of feb at 4.79%?