Remortgaging early?

em_z

I owe £93k on my mortgage and the deal ends 30 April next year. I'm currently paying 3.3% and this was a 4 year fix.
I'm thinking about potential rate rises and the historic low rates currently and I'm wondering if I might be best to leave my deal early and fix at a lower rate, probably with another lender?
My ERC would be £930 and my current lender can reserve me a deal from January. My LTV is around 50%.
So, stick until nearer the end of the rate, and hope BoE rates don't rise too much before then
Or fix for 2/3 years now at a lower rate and pay the £930 repayment charge

I'm thinking I'm probably better to wait and start looking for deals a few months before the end of my current mortgage. Interested in Opinions please.

YHM

Hi Em_z.

Ive mentioned on another post today, you can look to secure a rate upto 6 months in advance.

You need to speak to a broker that can support you with this, as they will know which lenders provide 6 month offer documents. If your rate expires end of April, then we are pretty much at the 6 month window now, application processing dependant).

em_z

YHM wrote: »

Hi Em_z.

Ive mentioned on another post today, you can look to secure a rate upto 6 months in advance.

You need to speak to a broker that can support you with this, as they will know which lenders provide 6 month offer documents. If your rate expires end of April, then we are pretty much at the 6 month window now, application processing dependant).

Thank you. Is it just a case of phoning various brokers and asking if this is something they can help with?

Amst

em_z wrote: »

Thank you. Is it just a case of phoning various brokers and asking if this is something they can help with?

Just be careful that if you get an offer with 6 months on and only intend to complete very near the end of this period that you manage to do so. Very few lenders will offer extensions to a 6 month offer and will make you either re-apply or pick a current product.

em_z

Ok thanks.

YHM

Any joy with ringing around brokers? You could always use unbiased.co.uk as a tool to locate a broker

They should be able to support you.

clairebeth

First Direct is one lender who offers a six month period, although they are not available via a broker. All the best!