Booking a new rate?

emmysmum

I've got two parts on my mortgage, the original part when I bought a flat, I then sold the flat, and borrowed more money from the same bank to buy a house.
They're on separate fixed rates, one ends start of September, one the start of January.
We have LTV of 63%, and I'm keen to get a five year fix so I can definitely work part time for the five years.
I phoned the bank the mortgage is with, and they've said to get a new rate (with them), I'd have to pay the ERC on the part that expires in January.
How would I go about 'booking' a new rate? First Direct are looking the best deal for us, and I'd really like to secure the 5 year 2.69%.
Can I just phone or how does it work?
Thanks in advance

kingstreet

... and your current lender is?

dimbo61

I would check with First Direct how long in advance you can book the 5 year fix at 2.69%.
Please make sure you pass all the checks ???
Things have changed a lot in the last few years
I hate giving the bank/building society any more money than necessary so I would wait until the day after your fix ends before moving lender or remortgage onto another deal with your existing lender

kingstreet

You interpreting the existing lender is FD?

I thought it wasn't and we're talking about a remortgage here?

rd07

I can answer this one as booked the same rate today! You can book 6 months in advance.

If you call and go through the application (takes about an hour), they then send you the paperwork with most details pre-populated and a few blanks to fill in. Then return with 3 months bank statements, 3 months payslips and latest P60.

You have 5 working days from the day after your initial call to phone back and book the rate, paying the booking fee up front. The fee is non-refundable unless FD decline the application.

Caladan

Assuming it is a Remortgage and not just changing rate with the existing lender, First Direct will approve the Mortgage and allow you to book the rate 6 months in advance, so you may just want to keep the September loan on the SVR and hold off until January to Remortgage the whole lot onto one loan. You could still apply and get the rate reserved now.

emmysmum

Currently with ing direct, or as it is now, Barclay's direct. Moving from fix at 3.49 to svr, 3.99 I think.
To add to it, I'm currently on maternity leave, so am only getting SMP. I'll be returning to work three days a week in November. My payslips state my salary (approx 34k) but just has on it my actual SMP of approx 450 per month. DH salary will be the same.
I'd hope it'd be OK anyway, looking to re mortgage for 112,000 with joint income of approx 40k at the moment.
Should I do this through a broker in view of the maternity leave?
Many thanks for responses, apologies if my initial post wasn't clear, baby brain!