When to apply for re-mortgage?

ronaldmacdonald

Hello, our fixed rate redemption charge runs out on the 31/03/2013. When should I apply for a new mortgage? Does it have to be within 30 days of the end of our current mortgage?
Ideally we would like to run with a new product from 01/04/2013

Thanks

Romald

opinions4u

You should probably be acting now.

What SVR is your current lender giving? Doing nothing may be an option.

kingstreet

You need to know the follow-on rate for your mortgage. This is what the mortgage will revert to on 1 April.

You need to ask your current lender about its customer retention products. Those are offered to existing borrowers whose rate is ending.

You need to calculate the loan to value of your current mortgage (outstanding mortgage amount divided by property value) to see what band a potential remortgage product would sit it. Then you need to research the rate options open to you.

Don't forget to factor-in any fees to transfer to a new lender and to leave your current one.

Once you have all that information, you should be able to make an informed decision on your best course of action.

yvonne_alan_joshua

my current fixed rated ends on the 31/03/2013 also and i agreed a new deal yesterday that will start from 31/05/2013 so i would start looking now, most lenders allow you to change 3.5 months before the end of the deal good luck:A

ronaldmacdonald

Thanks everyone. I'll start looking now then, reverting svr is marginally lower than current rate so not so bad but there are better rates out there for sure so will get the skates on next week.