Remortgage 6 months in advance

sarahmurphymoo

Hi all. My current fixed rate mortgage with Santander finishes on 2nd January 2023.

With some lenders offering 6 months validity on their products / offers, I'm keen to lock into a product as early as I can to avoid any potential increases in interest rates between now and January

Are there any non interested related risks or issues I should be aware of by trying to lock in as early as possible? 

K_S

@sarahmurphymoo Assuming that you intend to remortgage (change lenders) just make sure that the offer will be valid till 3rd Jan 2023 prior to applying.

Offer validity can vary across lenders, for some it can be a true 6 months from issue of offer, for some based on the product end dates.

With a few lenders like Nationwide, you can even "reserve" a product for 90 days so that along with a 6 month offer validity can take you to Jan and beyond.

So in effect it could range from as little as 4-5 months to as long as 8-9 months depending on the lender and the timing of your application.

Other than that, try to avoid any sunk costs -
- consider adding lender product fee (if any) to the loan

- consider using free lender legals or (if you're opting for cashback and instructing your own conveyancer) using a fixed-price no-completion no-fee conveyancer