We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How often can I switch mortgages?
mouche
Posts: 902 Forumite
I am currently on a lifetime tracker at 2.99%. I think my house value has risen enough for me to be able to get another lifetime tracker for 2.49%. However, I believe interest rates will rise in 9-15 months and would like to switch to a fixed rate as soon as it looks like the rates might go up.
If I remortgage to a cheaper tracker now (same lender) will I be able to remortgage to a fixed rate in 9 months time? Potentially 7 months as these things take so long to process. The mortgage itself has no exit fees etc. but would switching mortgages so often be frowned on for any other reason - e.g. affecting credit history? I don't want to risk being turned down for the fixed rate when the time comes.
If I remortgage to a cheaper tracker now (same lender) will I be able to remortgage to a fixed rate in 9 months time? Potentially 7 months as these things take so long to process. The mortgage itself has no exit fees etc. but would switching mortgages so often be frowned on for any other reason - e.g. affecting credit history? I don't want to risk being turned down for the fixed rate when the time comes.
Mortgage (original/ current):193,000 (23/09/11)/ £102,500 (07/11/2019)
2019 Challenges: Make £300 a month: £9.71/£300 (January)
2019 Challenges: Make £300 a month: £9.71/£300 (January)
0
Comments
-
some lenders will allow this. get some advice from a broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What costs would you incur in transferring products? Valuation fees, product fees etc.
May be better simpler to overpay your mortgage in the short term.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards