Re How far in advance you can lock in a deal to remortgage

BigC123

Following Martins recent advice about locking in a mortgage deal in advance even if you are still within a fix period....

Martins email said when remortgaging you can lock in a deal upto 7 months in advance with some providers. Our provider, Yorkshire building society, was listed in the table as 6 months in advance.
However, I've just given Yorkshire a call and they said that you can only lock that far in advance for new mortgages. For existing customers you can only do this 90 days in advance.

Either the 2 people I spoke to at Yorkshire are incorrect or the information on the MSE website is not correct regarding this (for Yorkshire at least).

Anyone from the team able to look in to this for me?

Many thanks

Chris

ACG

Purchases are usually 6 months and remortgages 3 months but there are a couple of exceptions.

I would trust the lenders directly rather than any third part site including this one.

kingstreet

BigC123 wrote: »

Following Martins recent advice about locking in a mortgage deal in advance even if you are still within a fix period....

Martins email said when remortgaging you can lock in a deal upto 7 months in advance with some providers. Our provider, Yorkshire building society, was listed in the table as 6 months in advance.
However, I've just given Yorkshire a call and they said that you can only lock that far in advance for new mortgages. For existing customers you can only do this 90 days in advance.

Either the 2 people I spoke to at Yorkshire are incorrect or the information on the MSE website is not correct regarding this (for Yorkshire at least).

Anyone from the team able to look in to this for me?

Many thanks

Chris

You are not remortgaging. You are asking your existing lender for a customer retention product.

That's why there's a difference.

A remortgage is a new mortgage with a new lender to repay the old one when not moving home.

minimike2

BigC123 wrote: »

Following Martins recent advice about locking in a mortgage deal in advance even if you are still within a fix period....

I didn't realise ML was authorised / licensed to provide mortgage advice now?

zagubov

BigC123 wrote: »

Following Martins recent advice about locking in a mortgage deal in advance even if you are still within a fix period....

Martins email said when remortgaging you can lock in a deal upto 7 months in advance with some providers. Our provider, Yorkshire building society, was listed in the table as 6 months in advance.
However, I've just given Yorkshire a call and they said that you can only lock that far in advance for new mortgages. For existing customers you can only do this 90 days in advance.

Either the 2 people I spoke to at Yorkshire are incorrect or the information on the MSE website is not correct regarding this (for Yorkshire at least).

Anyone from the team able to look in to this for me?

Many thanks

Chris

This website may not be (nor do I think it claims to be) up-to-date with recent changes to lenders procedures and terms and conditions.

The lender will be up-to-date, so go by what they say.

getmore4less

minimike2 wrote: »

I didn't realise ML was authorised / licensed to provide mortgage advice now?

might be referring to this article(no idea if ML talked about this on TV/radio)

http://www.moneysavingexpert.com/news/mortgages/2016/12/warning-cheapest-ever-mortgages-are-disappearing---yet-act-now-and-you-could-still-save-1000s

Is there anything there that would count as regulated advice?

minimike2

That entire article is pretty much implied advice.

If I were to replicate it, I would be seen as giving advice I am sure.

It sails so close to the wind, but of course full of caveats and disclosures etc.

steampowered

Advising on mortgage contracts is only a regulated activity if the advice is given to a particular borrower and relates to a particular mortgage contract.

I don't think there is anything in that article which is regulated or close to being regulated, because it isn't advice given to a particular person and isn't advice about a specific bank's product. From a regulatory perspective I don't think they need any caveats.

The circumstances in which regulation would bite are set out in detail in the FCA Handbook, available here: https://www.handbook.fca.org.uk/handbook/PERG/4/6.html. The FCA gives the example of advice along the lines of "I suggest you take out (or do not take out) a variable rate mortgage" as something which is not regulated.

minimike2

Yet if a licensed mortgage advisor published the exact same thing on the forum and someone ended up making a bad decision off the back of it (which many people will), that person would be liable for the "perceived" advice. Is the point I am making.

getmore4less

The biggest problem with the article is recommending the use of the MSE calculators which are riddled with the wrong calculations.

amnblog

Serious websites that provide generic information will benefit from keeping that information accurate.

The nature of the market is such that a view today can be invalid tomorrow.

If you want some serious 'advice' contact a Professional who advises every day and can consider your personal situation.

Taking action based purely on website text can and may well leave you disadvantaged with no come back to the web publisher. MSE is no exception.

Even the reply posts provided by Brokers on this Forum are not a definitive answer to your issues, they are a guide. You will note that Brokers do not suggest Lenders. That would be suggesting a course of action without knowledge of the whole position.