Timings of the remortgage

PawelK

Hello.

I was wondering if anyone who recently remortgaged/switched products or mortgage advisers can share their wisdom? I wouldn't want to miss on the best possible deal if I start too late, especially when rates change almost monthly.

My current mortgage deal with Nationwide ends 31st October and it was 5yrs fixed at 2.14.
I have been overpaying for over a year now and as a result I just made it below 60% LTV (based on their online property valuation).

Last year Nationwide advised me I can start looking at new deals as early as June 2022 but reading some posts on here I see many lenders have offers valid for 6 months which makes me think I should actually start talking to other banks or brokers very soon and possibly even get an offer in early May. Is that correct and does it mean Nationwide's advice was only to do with talking to them about product switch?

Another question is, if another bank offers me a deal I am happy with at that time and want to wait until my current deal expires, do I need to pay some upfront fee to have this rate guaranteed for six months or is it free and I can ditch them at short notice if I decide to go with someone else even if it's my current lender?

Also, I am curious to know if, in general and in my situation, is it much point to use brokers or should I just use general comparison websites and then compare them with the offer my current lender will propose to me (whenever this will happen)? Just not sure if brokers can really find a much better deal than going directly with a bank, to save enough money to cover their fees?

Thank you.

K_S

@pawelk Quick comments -

- Yes most lenders do offer 6 months validity on remos. Do keep in mind that some of these aren't a true 6 months as with some lenders the expiry tracks product-validity dates so depending on the timing it could be anything from 5-7 months.

- as long as you don't pay any fees upfront (if the product comes with a fee you could just add it to the loan), you should not normally have any financial commitment involved

- You would expect me to say this but I would always recommend using a broker, just use one that doesn't charge a fee, plenty on the MSE guide here 
https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 Even otherwise, plenty of brokers don't charge a fee for like-for-like remortgages