When is best to remortgage?

socmwils23

Our five year fixed rate with nationwide ends on september 13th. How soon can we arrange a new deal? Looking around i think it may be better to fix sooner rather than later but am nopt sure if this is possible. The deal i am looking at as best for us is also with nationwide so im not sure if this will go in our favour with them?

Can anyone offer any advice on whether we should start making appointments now or is it better to wait till closer to our fixed rate end date?

KTF

It normally takes 6-8 weeks to remortgage to another provider but Nationwide lets you change to another one of their products up to 3 months in advance of the end date I believe.

Rawhide_2

Ouch, big jump then :rolleyes:

No harm in looking around now as long as you make it clear to prospective lenders when you want your new mortgage to start, i.e after your existing one finishes. Several respectable institutions I have spoken to are prepared to do this.

Perversely lenders seem to give new customers better access to good deals rather than going the extra distance to retain existing customers. I'll be leaving my current lender at the end of October because of this stance.

Ask nationwide what they are prepared to do, but dont surprised if its not the answer you wanted.

Good luck and do plenty of research

*EssEncE*

Get in contact with a fees free 'whole of market' broker around mid July. See what deals they can find.

Remember, it's quite easy for someone to find the lowest interest rate when it comes to a 2yr fixed rate mortgage, but it's more difficult finding the best deal, and the best deal that suits you.

But please do enquire with Nationwide. Find out what they will offer and make sure you note down any fee's involved.

You generally find if you stay with your existing lender and just simply switch products, then they tend to offer you a discount in the form of a reduced arrangement fee for example.

MortgageMamma

Also bear in mind rates could have risen again by July and you coudl apply for a deal with a free valuation and free legals now and secure yourself a better rate. So long as you dont pay anythign upfront you have nothign to lose doing this, make sure you check the lenders t&c's though that they wont charge if you pull out. IMO if you are with Nationwide now they are consistently competitive, always within the top five lenders for clean credit straightforward cases, and they even offer lower arrangement fee's to existing customers