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.