Advice for the clueless

FunLovinCriminal

Hi all
Current deal 2.59% fixed rate expires in March 2017.
My question is....
When can I switch? When is best time to start looking?
We are recent new parents so budget is very important.
We also have added aconservatory to our house. So hoping that will add some value on property.
Currently owe £90k on a house we bought for £150k in 2008.
Thanks for your advice.
FLC

Joy_mate

If u want to play within budget than it's ideal not to switch until ur term end.

FunLovinCriminal

So do not start looking until March next year?

hcb42

If you switch to a new deal with current provider, it is very easy - have done this with Halifax, who let you do it either 2 or 3 months in advance, (I forget which now)

If you were looking wider at the market, then I would certainly be starting in the New year

cahillg81

About 3 months before hand is probably the ideal time to start looking, contact a broker see what they can find for you and then compare against what your current lender are offerring. You are going to benefit from the best deals at below 60% ltv.

Joy_mate

You can start looking at least before 3 months, but do not switch until ur term ends.
.do not worry to hunt a deal so early, if you are thinking to stay with same provider (that way you can save early repayment charges) with new term, ur same lender will take over ur mortgage from April.
But if you want to switch to new lender than early Jan is ideal time...u may get new lower rate due to early recession.

cahillg81

Joy_mate wrote: »

You can start looking at least before 3 months, but do not switch until ur term ends.
.do not worry to hunt a deal so early, if you are thinking to stay with same provider (that way you can save early repayment charges) with new term, ur same lender will take over ur mortgage from April.
But if you want to switch to new lender than early Jan is ideal time...u may get new lower rate due to early recession.

Eh?

The conveyancer can set a completion date for as soon as the Fix ends and therefore no need to move onto the SVR or product transfer onto a worse deal than is available in the open market.