Remortgage Question

Phil3822

Hi all, my existing fixed rate ends in February and I am wondering should I start looking at another deal before this one ends or do I look after it ends.


Not sure if I am meant to apply before or after the current fixed rate finishes. Simple ish mortgage so may go ahead without an advisor this time although will consider all options.


Many thanks.

cpt_pat

I think with 3 months you can get a new deal with your current provider. However there is no harm in looking now and see what deals you can get. If your deals switches to a significantly higher rate in February you would be better off having a deal in place for a quick transfer.

Phil3822

Thank you for taking the time to reply. I want another fixed rate deal and had heard people saying they had "reserved" a mortgage or deal. Thought this was meaning they had applied and sorted it prior to the current deal ending.

supernothing

Hi, we re severed our current mortgage in August with Nationwide as our older deal was due to end in November.

They actually send us a letter saying it's ending and have a look what we can offer now.m guessing they do it ealier before you think about swapping it so you don't think of shopping around.

We fixed our new deal in August and the new lower payments started in October rather than November and got £100 cash back for reserving and switching online.

Phil3822

Many thanks for your response. I am wanting one of the long term fixes like a 10 year deal this time and like to have things sorted in advanced where possible. I have read many companies allow 3 month in advance reserve. Looking for the ability to overpay at least 10% per year as well as fix for as long as possible. Like the look of the Yorkshire BS deal. Current LTV is between 70% and 75% of my property so looks reasonable.