Remortgage blues

london21

No one knows the future but looks like might go up more.

I hate paying ERC but looking back those that fixed at the beginning of the year are smiling now. 

PawelK

I am genuinely surprised how fee people give thought to securing better deal 5-6 months before the end of their fixed deal. As much as I feel sorry for you, is there any reason why you didn't look for a better deal few months back? 

ccdorset

My 3 year fixed at 2.69% ends at the end of January next year with Halifax, and from their website it looks like I can't book a new product with them until 3 months before, which will be the very end of October/beginning of November.

Really worried about what the rates will be by then. 

PawelK

ccdorset said:

My 3 year fixed at 2.69% ends at the end of January next year with Halifax, and from their website it looks like I can't book a new product with them until 3 months before, which will be the very end of October/beginning of November.

Really worried about what the rates will be by then. 

Please do not worry but instead act quick. Get in touch with the free brokers (like the ones suggested on this website) and let them find you a lender who's offer won't expire until early January. I am pretty sure it will be better than what you will be given by your current lender in four months time. You then would have a choice to stick with the one found now or move to another one.
Good luck.

steve808

I'm in a similar situation. My 2 year fixed at 1.8% ends in a couple of months, and the best my mortgage broker can find is 3.1% for 5 years with the same provider (Natwest). It feels awful paying so much extra each month for nothing! 😥, but I guess there's no other options. I came here to see of other people were finding the same thing, looks like they are.

My broker said that I should probably accept the new mortgage quickly because he is seeing the rates rise every week.

ccdorset

PawelK said:

ccdorset said:

My 3 year fixed at 2.69% ends at the end of January next year with Halifax, and from their website it looks like I can't book a new product with them until 3 months before, which will be the very end of October/beginning of November.

Really worried about what the rates will be by then. 

Please do not worry but instead act quick. Get in touch with the free brokers (like the ones suggested on this website) and let them find you a lender who's offer won't expire until early January. I am pretty sure it will be better than what you will be given by your current lender in four months time. You then would have a choice to stick with the one found now or move to another one.
Good luck.

Thank you for the advice. 😊 I will have a look at the brokers. I phoned first direct earlier about remortgaging to them and they were really helpful. Looks like the earliest I could apply would be early August as that will be 6 months before (my deal literally ends on 31st Jan).

I will have a look at brokers though as well. 😊 My plan now is to try and book a decent (as possible) rate in August and then I always have that option as well as whatever existing customer deal Halifax offer in November.

ccdorset

steve808 said:

I'm in a similar situation. My 2 year fixed at 1.8% ends in a couple of months, and the best my mortgage broker can find is 3.1% for 5 years with the same provider (Natwest). It feels awful paying so much extra each month for nothing! 😥, but I guess there's no other options. I came here to see of other people were finding the same thing, looks like they are.

My broker said that I should probably accept the new mortgage quickly because he is seeing the rates rise every week.

It is scary thinking how far the rates could rise. I think if I had that option I would definitely snap the 3.1% up.

My Help to Buy interest free period is coming to an end as well, so already the payments are going to go up over £50 a month. 

Best of luck to you!

Filed

Looks like mortgage rates went up again in the past few days. Luckily we managed to get an offer sent to us for 3.14% (which lasts 2 weeks) which I will be accepting now.
Rates seem to have gone up to 3.4% for the same mortgage now.

Hope you locked in by getting them to send you an offer.