Remortgage in 1 day?

Cabby

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.

Thrugelmir

You'd need to have the full application in progress for the lender to honour the product choosen.

Cabby

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?

YHM

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 ahead

chinna

Britannia only do 4 months before, let me know how you get on. Exactly in same situation.

YHM

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 & 04/18

Edi81

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.