MSE News: Mortgage rates are rising - if you're considering remortgaging act NOW

Mortgage rates are rising with the best deals disappearing, so it's vital everyone considering cutting costs by remortgaging to a new deal acts now...
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'Mortgage rates are rising - if you're considering remortgaging act NOW'
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  • Raxiel
    Raxiel Posts: 1,401 Forumite
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    I think I know the answer to this, but, just to be sure...
    I'm in the process of remortgaging now. Current mortgage with Santander is 4.99% for three more months of a 5 year fix, going onto their 4.49% SVR after that.

    After a bit of shopping around, the best remortgage deal I've found (after discounting providers who won't lend on a house with an unrepaired-prc home next door) is with Santander again, this time 5 years at 2.49% with no fees.

    I've got a Conversion offer from them, and have until the 26th to accept it. Is the rate 'locked' now? Can I take the full 14 days to decide I want to go ahead? Or is there a risk it could still change?

    I feel like it should be fixed from the wording in the documents, but it's not explicit. All I've had to do so far is click a couple of buttons on a web form, so it feels 'too easy'. I think it's pretty unlikely I won't accept the offer, but I don't want to rush into another 5 year commitment either.

    3.6 kW PV in the Midlands - 9x Sharp 400W black panels - 6x facing SE and 3x facing SW, Solaredge Optimisers and Inverter. 400W Derril Water (one day). Octopus Flux
  • FredaJones
    FredaJones Posts: 28 Forumite
    First Post First Anniversary Combo Breaker
    1.09 to 1.29 is hardly a rocket of a rise. :rotfl:
  • VT82
    VT82 Posts: 1,079 Forumite
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    FredaJones wrote: »
    1.09 to 1.29 is hardly a rocket of a rise. :rotfl:
    In MSE World, it's an 18% increase in your mortgage rate!!!

    Meanwhile, in the actual world, it's an extra £13 (2%) per month on a typical mortgage.
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