Natwest remortgage

Jimeji

Bought a house for £490,000 in December 2020, with a  £315,000 mortgage on a 2-year fixed at 1.34%.

Natwest valuation now states £560,000, and £303,000 remaining on the mortgage. The portal advises that I can look at new deals 4 months prior to the end of the 2 year term, which would be August.

Is there any possibility to lock in a deal with Natwest or any other lender before this to protect from any further interest-rate increases? Or do I just ride it out until August? 

CarterUK73

Some lenders will allow you to reserve a product up to 6 months before it’s due to start. I also remember someone mentioning you could also get an agreement in principle which could extend it even further.

K_S

Jimeji said:

Bought a house for £490,000 in December 2020, with a  £315,000 mortgage on a 2-year fixed at 1.34%.

Natwest valuation now states £560,000, and £303,000 remaining on the mortgage. The portal advises that I can look at new deals 4 months prior to the end of the 2 year term, which would be August.

Is there any possibility to lock in a deal with Natwest or any other lender before this to protect from any further interest-rate increases? Or do I just ride it out until August? 

@jimeji If you are able to consider a remortgage (new lender) - most mainstream remortgage offers are valid for 6 months so with a fix ending in December, you should be able to secure a rate in late June/early July or so for completion in December.

FYI, a rate is secured when you/broker submits a full application. With lenders like Nationwide, you can even 'reserve' a product for 90 days by doing a DIP without having to put in a full application so that's something that you could use to effectively secure a rate well in advance of your fix ending.

If you're only considering a product-switch/product-transfer/rate-switch (staying with the current lender) then as you mentioned you'll need to wait for August.