remortgage timeframe

Iulia

Hello. If my fix rate mortgage deal ends on the 31st of July and I remortgage to a new lender, when does the new mortgage, with the new lender, start? 31 July or 1 August? And how soon do I have to start the remortgage process so that I don't end up going on variable rate with my current bank? Thank you.

kingstreet

You would ask the solicitor for completion on 1 August.

Start the process three months before and submit an application no later than two months before, ensuring you make the acting solicitor aware of your preferred completion date.

Iulia

Thank you.

Is that timeframe also valid if I decide not to remortgage, but instead get a new fix deal with the current lender? The mortgage is with Halifax and they waive ERC if less than 3 months remaining.

kingstreet

No.

There is no benefit in waiting to do a product transfer if your current rate is higher than the new one. As soon as they will accept your instructions, proceed.

If you want to see out your current rate, you have to call in the last month for the new rate to start on the 1st of the following month.