Finding a new mortgage

videonastie

On November of this year, I will come to the end of my 3 year Homestart interest only HSBC mortgage repayments. After this time the payments will go up roughly £100 per month. This is also the time, when I'm free to look for another mortgage deal, as the 3 year "tied to" period is over. How do I go about looking for another mortgage, that will roughly give me the same payments I paying a month now? I realise that good mortgage offers are getting harder to find, so any help would be greatly appreciated.:beer:

AndrewSmith

It may be a little early to begin looking as most re-mortgage offers have a shelf life of only 3-6 months and would most likely expire prior to you being able to complete on the deal.

Having said that, if you are able to find a re-mortgage where the rate is acceptable and the offer has an expiry period of 6 months plus then you may be able to get the deal now before the rates increase again and simply set completion for the 1st November.

Also thinking about it, if you apply now it will take on average 3-4 weeks for you to get the mortgage offer anyhow so you would only be sitting on it for 4-5 months. Dispite what you may hear it is possible to delay completion as long as it is not after the mortgage offer expiry date.

videonastie

Are re-mortgage deals different from new mortgage deals?

AndrewSmith

Some are, some arn't

Some lenders have 'remortgage only' products with a limited life of the mortgage offer whilst others offer their entire range to everyone.

You can usually find re-mortgage packages where valuations and/or legal fees are free and paid for by the lender however you will nearly always be paying some kind of reservation/booking fee.

videonastie

Can you point me in the direction of any, just so I can get an idea of what to look for?

AndrewSmith

Would love to but unfortunately the forum rules prevent me from offering details of specific products/lenders in the open forum.

Best thing would be to engage the services of a broker to do it for you. Make sure they are fees free and whole of market.