How Early do you remortgage

The_Realist

Our 3 year fix runs out in October 2013 - when do I look about arranging a new deal to take over when this one runs out?

many thanks

The_Realist

Going from a 5.49% (we only had a 10% deposit scraped in 2010) to hopefully the 2.19% with £495 fee from YBS which looks best

GMS

Has the property increased significantly in value? A 2.19 %product would indicate a low LTV

The_Realist

Hi, thanks for the comment

We bought the house for £149,00, however managed to both come into some very decent money through SAYE schemes and have paid off 10% per year the last 2 years interest free. The loan at mortgage end (October 2013) will be about £97k (and we can put more into to get it comfortably down to £75k going into the new deal with savings left over).

Judging by the area/market, I think the property value is roughly the same (maybe a little higher/lower I guess)

Hoping to change the original 25 year term down to about a 7 year term at this renewal

The_Realist

anyone able to give a time frame? Should I look at starting now?

GMS

You have identified the lender. Call them and check how long the offer is valid for. If long enough to accomodate your needs then no harm in applying now.