How early can I remortgage?

donald_kiddick

I am on a 3 yr fixed rate mortgage which expires in October. Given my ltv has increased substantially since I took out my existing mortgage (thanks to the London property bubble), any remortgage I do is (currently) likely to be at a much better rate than the rate I am currently on.

The only problem is that I cannot lock in a remortgage rate with my existing bank - Barclays - until August, being 3 months before my fix expires. In the meantime, the cost of fixed rate mortgages is gradually creeping up as the financial markets price in rate rises and the Bank of England attempt to cool the housing market!

So my question is this: Are there any banks etc which will commit to a remortgage more than three months before a remortgage is due. 6 months would be perfect!

Thanks all.

Mortgage_Mark_2

Most lenders' mortgage offers are valid for 90 days, with a few others that extend to 6-months.

If you applied to one of those lenders, you could easily stall the completion date until your ERC no longer applies.

donald_kiddick

How would that work Mark? I accept an offer from a lender that is valid for 90 days and then, when the mortgage offer it is close to expiry, I tell the bank that I need a little more time to complete?

Presumably I run the risk that the mortgage rate has worsened in the meantime such that the bank tell me to get stuffed and pay some more fees for a new mortgage offer!?

Ps - which lenders mortgage offers are valid for 6 months?

marsman802

6-months.

I know of Woolwich and Accord I think.
Hopefully others can name more.

donald_kiddick

I don't think Woolwhich offer 6 months - that is my current lender (i.e. Barclays) and they are telling me 3 months...

marsman802

Oh ok my broker was telling me different but he could be wrong. Good job I don't pay him haha!

But I'm pretty sure accord do 6 month