Timing remortgage to avoid ERC

superdon

So our 5 year fix ends next year with a fairly big early repayment charge which ends 1/8/15. So we want to avoid that. But we do want to get a new fix sorted ASAP.

Currently lender (BOI) says they will send us a new offer around 28 days before the ERC ends.

I am not confident we will be offered a good deal to retain us, so we want to get something lined up as an alternative.

First Direct say we could apply around the start of Feb next year and any offer will last 6 months.

So would this work? Apply in Feb and hang on to the offer until the new offer comes from BOI and then decide what to do.

Are there any other lenders that give offers for 6 months? Nationwide say 3 months.

Thrugelmir

3 months is nearer the norm to hold a remortgage offer open.

amnblog

Why the panic?

superdon

amnblog wrote: »

Why the panic?

I just don't want to end up with the interest rates rising next year (if that happens) and end up on another higher rate fix. The thought was the deals look pretty good for us at the moment, in fact some seem like they couldn't get much better, but there is lots of potential for them to get worse? Not a panic, just a wish to get things sorted.