best time to look for new mortgage

adamcarvell

hi our current 4 year deal ends march 2014 with Santander @4.79% rushed into it last time with job worries etc.
our house value is roughly £170k our mortgage is about £74k left over 16 years. when and where is the best time to do research find best deals prefer fixed if poss ?.

melj16

around 90 days before your current deal ends I would say. I imagine you will be able to save a fortune based on the figures you've gave. good luck

kingstreet

Around three months before your current deal ends, although if it looks like rates might be under upward pressure, you might like to get something in place upto six months before, as some lenders will hold a remortgage offer for upto six months.

adamcarvell

how I go about saving a fortune tips please
because redundancies were taking place at my place of work the last time I looked for a deal I just took the first fix and stayed with Santander I admit I panicked so want to take my time get a good deal and maybe reduce the term if possible.

kingstreet

Shop around for the most suitable product/rate for you.

melj16

just based on the rate you are currently paying......for your LTV there are much lower rates on the market now. So fingers crossed they will still be around when you come to remortgage. What is your current monthly payment if you dont mind me asking.

adamcarvell

£538 ish I think

melj16

with your LTV there are rates as low as 2-2.5% which is much lower than your paying. But like Kingstreet says, shop around to find the right deal for you

adamcarvell

is it easy to switch lender staying with same one no valuations payslips etc. we would like a five year fix also and brokers are they any good do they charge much I live in cv12 area never used a broker before wouldn't know where to start tbh.

melj16

it is really easy to switch. Yes they would ask for the documents i.e bank statements payslips etc, but many of them will do the valuation for free as they want your business. I'm using a broker myself, however you can secure great deals going direct. If Santander is not who you do your main banking with (where your salary is paid etc) then I would approach your own bank to see what the have to offer and then compare with a few other lenders. Just dont actually apply until you know you definitely want to go with that specific company.

adamcarvell

I am with Coventry building society now was Santander but were rip offs when overdrawn.