Timeframe between Remortgaging

ruudy

Hello,:)

Just a quick question for you all. I have a tracker mortgage which i have had now for around 4 months. I was wondering... is there anything to stop me attempting to remortgage again already if i feel i can get a better deal?

kingstreet

As the crystal ball is on the blink at the moment, fancy telling is if you have any early repayment penalties or discharge fees?

In fact, don't. If there are none, you can remortgage when you like and be better off if you can find a better rate. If there are, you may be less better off, or perhaps even worse off...?

ruudy

kingstreet wrote: »

As the crystal ball is on the blink at the moment, fancy telling is if you have any early repayment penalties or discharge fees?

In fact, don't. If there are none, you can remortgage when you like and be better off if you can find a better rate. If there are, you may be less better off, or perhaps even worse off...?

Lol :rotfl:

Sorry, i should have said. It was just more to do with is it actually possible. But to answer your question, no the mortgage has no early redemption penalties. Discharge fees - i'm not too sure but i dont think so.

Yes i can find a better tracker than the one i'm currently on, the only additional extra may be legal fees.

So there should be no issue with doing this?

kingstreet

Some lenders won't lend until you've owned the property for six months or longer and you may find one or two who take the same stance to how long you've had the mortgage.

Keep an eye on that while you're researching. If the current product is penalty and discharge fee-free, that's the only thing you have to watch out for...

ruudy

kingstreet wrote: »

Some lenders won't lend until you've owned the property for six months or longer and you may find one or two who take the same stance to how long you've had the mortgage.

Keep an eye on that while you're researching. If the current product is penalty and discharge fee-free, that's the only thing you have to watch out for...

Wow i'm really surprised that it could be that straightforward. You always read about how you should review your mortgage every year. Perhaps in the case of a tracker it should be reviewed continuously? I'm really surprised to see that the rates have came down.

I will need to check the exact legal costs involved and whether there is a requirement for how long i've held current mortgage but all being good i will probably make the application.