fixed rate end, when to apply?

andy.m_2

Good afternoon,
Our fixed rate mortgage ends at the start of July 2014, when would it be prudent to start the application process on the new fixed rate?

Also, If we were to stay with our current lender (Leeds), what are the chances that they would reduce some of the ludicrous product fees to keep our loyalty?

All advice gratefully received

cbrpaul

Andy, I myself steer clear of product fee mortgages like the plague !!

You could have bagged/booked a decent rate 4 months ago

I am re-mortgaging myself this week, which was completely free of admin, product fees etc , i booked it 6 months ago in advance and went for a fixed 5 year deal, if rates went down I could change for free , so a win win situation.

I bagged 3.29% fee free product, however now 6 months later this has now risen to 3.59% if you wanted the same product currently.

Have a good look around and choose what suits you !!

i wouldnt just stay where you are thinking its too much hassle to move away though.

kingstreet

Whether choosing a customer retention product from your existing lender, or remortgaging elsewhere, fees/rates are a "take it, or leave it" I'm afraid.

There is no flexibility for a lender to do something for you it wouldn't do for someone else.

If you don't want to pay a fee, you will need to choose a higher rated alternative, if one is available.

andy.m_2

thanks guys, I was wondering if it was commonplace (but not advertised) for lenders to retain customers that way.
I will ask them.

I am actually looking at a ten year fix, probably N&P, YBS et al at around 4%, they seem to be fee free as well so it might be a winner winner chicken dinner.

I think ten years will see me through market volatility should it be on the horizon.

dimbo61

Why not LOOK on the Leeds Building Society website!

http://www.leedsbuildingsociety.co.uk/mortgages/fixed-rate-mortgages/#tab:3

They have a 4.49% ten year fix with NO FEES for existing customers !!!!
This is not advice just looking at the website and your LTV must be below 65%?
Now YBS do a 10 year fix at 4.14% but you will have remortgage costs! LTV 75%

andy.m_2

I LOOKED on the website, and found that N&P are 4.19 without fees
1/3% is still £20 a month, and over 240 months etc

dimbo61

BIG PICTURE and all that?
How much will remortgage to new lender cost? Searches, survey,legals, exit fees from Leeds ETC chaps fees

dimbo61

"and over 240 months etc"
Maybe 120 months !!!