When can i renew my mortgage

emmsas

Hi

My fixed rate mortgage finishes in November. How soon can I sign up for a new mortgage with a different company?

thanks
Em

kingstreet

A mortgage offer document normally has a six month completion deadline. Some mortgage products have to be completed faster than that. What you need to do is look for a new mortgage product and ensure the completion deadline is after the end date of your current deal.

Apply for the new mortgage in May and it should be okay for completion in December, subject to the product's deadline. Make sure you inform the solicitor handling the transfer that you do not wish to complete until a certain date in the future.

Examples;-

Good

Apply - 15 May
Offer - 12 June
Offer and product completion deadline 6 months - 12 December.

Bad

Apply - 15 May
Offer - 12 June
Offer completion deadline 6 months - 12 December
Product completion deadline - 31 October.

TBH, I'd suggest you put off applying for your new mortgage until August or September unless you are desperate to get something lined up really early.