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Remortgage in 1 day?

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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.
If it doesn't move, eBay it until it does


Make £2019 in 2019 member no. 108

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You'd need to have the full application in progress for the lender to honour the product choosen.
  • Cabby
    Cabby Posts: 93 Forumite
    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. 108
  • YHM
    YHM Posts: 650 Forumite
    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
    I 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 advice
  • chinna
    chinna Posts: 89 Forumite
    Britannia only do 4 months before, let me know how you get on. Exactly in same situation.
  • YHM
    YHM Posts: 650 Forumite
    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
    I 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 advice
  • Edi81
    Edi81 Posts: 1,501 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    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.
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