First Time Remortgage

wes001

Hi All,

My 3 year fixed mortgage is coming to an end Oct this year, when is best to speak to a mortgage advisor to sort out changing over to another fixed mortgage?

Thanks for your help.

SameOldRoundabout

Are you doing a full remortgage or a rate switch? We spoke to our broker after the bank sent out the “your mortgage is ending, this is what we can offer you” letter so maybe 6 months in advance? We ended up going for a simple 2 yr fixed rate switch as a remortgage would have saved us £25 a month and involved a full financial application again.

wes001

To be honest, I'm not sure what the difference is, looking at the deals available I could knock a few years off my mortgage by keeping the same monthly payment.

I'll speak to a few brokers to see what the best option is.

NewShadow

wes001 wrote: »

To be honest, I'm not sure what the difference is, looking at the deals available I could knock a few years off my mortgage by keeping the same monthly payment.

I believe a rate switch is when you stay with your lender but agree a new term/rate

That's compared to a full remortgage when you go out and basically secure a new mortgage with a new lender - therefore need a nearly full new application because they don't 'know' you.

SameOldRoundabout

NewShadow is correct. A rate switch is with the same lender, doesn’t involve any credit checks or paperwork sending etc. It was the easiest option for us. If you are much better off by doing a full remortgage then no harm doing that, just all the faff of a full application.