Remortgage - how early

jonny_power

So MSE guidance says to start looking 14 weeks before the end of your deal, I was just wondering why? My deal ends at start-July so wondering if it's worth getting a broker to start doing some research? How early can you actually apply for a product?

Lilla_D

Most lenders' mortgage offer is valid for 3 months, although some are valid for 6 months.
The remortgage process (when going to another lender) normally takes 4-8 weeks including the legal side, so if your deal ends beg July, it's a very good time to speak to a broker and apply in order to avoid reverting to the SVR.

A product transfer/switch can take 2-4 weeks (generally speaking and dependent on the lender you're with), but you might as well look around and see what else is out there.

If you apply roughly 14 weeks prior to the deal end (as per the guide), then you can secure a rate and be comfortably ready for when your deal finishes. If there's a better rate coming out from the same lender you applied to, then normally you can switch to that without much hassle, but if their rates go up, you wouldn't be affected.

In short - yes, it's worth getting a broker now, as you have only 2 months left.

jonny_power

Lilla_D wrote: »

Most lenders' mortgage offer is valid for 3 months, although some are valid for 6 months.
The remortgage process (when going to another lender) normally takes 4-8 weeks including the legal side, so if your deal ends beg July, it's a very good time to speak to a broker and apply in order to avoid reverting to the SVR.

A product transfer/switch can take 2-4 weeks (generally speaking and dependent on the lender you're with), but you might as well look around and see what else is out there.

If you apply roughly 14 weeks prior to the deal end (as per the guide), then you can secure a rate and be comfortably ready for when your deal finishes. If there's a better rate coming out from the same lender you applied to, then normally you can switch to that without much hassle, but if their rates go up, you wouldn't be affected.

In short - yes, it's worth getting a broker now, as you have only 2 months left.

awesome, that's very clear and helpful. thank you