Timing of a remortgage

pjcox2005

Hi,

Fairly basic question. Brought our first house on 23 March 12, with a 2 year mortgage deal. First payment however was the first full month so went out c. 5 May 12.

Looking at paperwork it feels rate changes on 24 March 14.

Question is, what point should we be starting to chat to brokers/lenders if we want to move to a lower rate at the earliest date. Is it a wait till April or do you chat a start of March so all paperwork/valuation is done by the time our current deal expires.

(I'm assuming the SPV will be higher than a new fixed rate mortgage as we should now be able to look at 75% LTV deals).

Thanks for any comments

lee111s

Start looking in January. As far as I know you can arrange it so that your nee mortgage starts the day your current mortgage reverts to the SVR.

kingstreet

Your original product two years from completion, or did it have an end date, as many do?

Either way, make clear to solicitor handling remortgage that they should not complete until after the point early repayment penalties end.