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Remortgage in 1 day?
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Cabby
Posts: 93 Forumite
Our 5yr fix ends on 30 April which means that we'd be able to lock in a rate for a new fixed rate mortgage from 1 November, for those lenders who let you lock in a rate 6 months in advance.
But an interest rate rise announcement is expected on 2 November!
I appreciate that remortgaging can be a lengthy process subject to credit checks, valuations etc - we can't see that being a problem, but still...
But would a lender agree to lock in a rate on 1 November, subject to everything going smoothly from there, even though things might not be finalised for several weeks?
I'm feeling so near to a decent rate, and yet so far! 60% LTV is what we're going for and being able to cut our monthly payments would free up some much-needed cash for repairs.
But an interest rate rise announcement is expected on 2 November!
I appreciate that remortgaging can be a lengthy process subject to credit checks, valuations etc - we can't see that being a problem, but still...
But would a lender agree to lock in a rate on 1 November, subject to everything going smoothly from there, even though things might not be finalised for several weeks?
I'm feeling so near to a decent rate, and yet so far! 60% LTV is what we're going for and being able to cut our monthly payments would free up some much-needed cash for repairs.
If it doesn't move, eBay it until it does
Make £2019 in 2019 member no. 108
Make £2019 in 2019 member no. 108
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Comments
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You'd need to have the full application in progress for the lender to honour the product choosen.0
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Thrugelmir wrote: »You'd need to have the full application in progress for the lender to honour the product choosen.
Thanks for replying Thrugelmir - time to get onto some lenders I think.
Would staying with my current lender (Britannia/Co-op) make a blind bit of difference in getting the application through quickly I wonder?If it doesn't move, eBay it until it does
Make £2019 in 2019 member no. 1080 -
Sounds like you need a broker that can look for a lender with 6 month offer documents.
Doubtful your existing lender would offer a rate switch that far aheadI am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
Britannia only do 4 months before, let me know how you get on. Exactly in same situation.0
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Chinna
As are plenty of people at the moment. Had quite a few enquiries in the last couple of weeks for remortgages for 03/18 & 04/18I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0 -
Remember that many of the rates out st the moment are pricing a rate rise in.
Mortgages are calculated by using swap rates which have increased already.0
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