new mortgage

tele2

can anyone give me and my wife a bit of advice,
we have a tie in period with our mortgage company(gmac) which ends in 3 months time. we have been paying a way over the odds now for 2 yrs, and need to change mortgages as soon as possible, after the tie in period is over. can you arrange a new mortgage before the tie in period is over?
when would you advise us to start arranging a new mortgage?
any advice will be much appreciated

Cazza

Arrange the mortgage now and get the new one set up to complete the day after your early repayment charges end. It's perfectly normal to do this and about 3 months before is about the right time to start looking round. Check your GMAC paperwork, as I thinkon lots of their products, once your tie in period ends, they will either want 1 months notice of you going elsewhere, or they'll charge you a months interest!

tele2

thank you for your quick reply
your right they do want that extra month.
we were also thinking of moving around this time, and have seen a house we both love, would it be unreasonable to start putting in offer, or do you have to have a mortgage in place first
thanks again

Cazza

It's a good idea to have an agreement in principle done, just to check everything ill be ok. It's a horrible situation to fall in love with a property for a bank to then tell you you can't have it! It will also make your Offer much stronger. I'm assuming you will need to sell your house in order to move? Have you got it on the market yet? You don't have to have sold you house to put an Offer in on the new one, but you could find that the vendor's won't consider your Offer seriously unless you're in a position to proceed!