When Can I get a new deal?

rothers798

My mortgage fixed rate (4.29%) is due to finish on 1st Sept 07. Obviously my payments are going to go up quite a lot. Could I agree a new fixed rate now either with my bank or a different one or would I have to wait until nearer the time?? I amjust worried that interest rates are going to rise again by then!!

Thanks

MuDvAyNeX

There are some companies that will offer you a new deal within 3 months of the tie in, give your lender a call and ask if they offer this

They will waive the ERC as long as you stay with them, well at least they should do.

JoeK_3

rothers798 wrote: »

My mortgage fixed rate (4.29%) is due to finish on 1st Sept 07. Obviously my payments are going to go up quite a lot. Could I agree a new fixed rate now either with my bank or a different one or would I have to wait until nearer the time?? I amjust worried that interest rates are going to rise again by then!!

Thanks

Start looking and comparing now.

Lenders will make their offer to you that will last for six months.

Of you found your deal now with another lender, you could instruct your solicitor not to complete until after the 1st September.

Post your details for us to look at.

Property value, Loan size, income/s, adverse history, etc.

JoeK

Spangled

Rothers, I'm in the same boat. I'm tied into my current mortgage with £6k of ERCs until 30 Sep 2007. So I went to a fee-free broker and have secured a mortgage offer with Coventry BS, valid for six months (free legals and valuation). I received papers from Coventry's appointed solicitors and on one of the forms they ask when is the earliest date I want to complete. I just put down 1 Oct 2007. I also secured the mortgage just before the rate rise earlier this month. Also, the upfront booking fee on this is only £200 so if rates were to drop before 1 Oct 2007 (highly unlikely, I know) then I could easily pull out and source a new deal.