Remortgaging two mortgages

Yawn

My partner has two small fixed-rate mortgages on his property: one larger (40-50k) one which he ported when he bought his new place (we don't live together) and which expires in February, and a smaller 20k one he took out to pay for the necessary renovations to pay for the renovations. They are with the same provider and at the same rate. His bank is letting him remortgage the smaller November / 20k part now already, but he would have to wait till he's within three months (so Nov/Dec?) to remortgage the larger amount. 

Anyone any advice on what best to do? Just lock in the lower interest rate on the smaller amount now? Or would it be better to fix the whole amount at the same time with another provider? I know some providers allow you to lock in six months ahead of time. I saw this post: https://www.moneysavingexpert.com/news/2022/08/major-mortgage-lenders-amend-product-transfer-rules-to-allow-hom/ which suggests that the Co-Op and Natwest are the main ones that allow you to do that?

Yawn

Thought I'd give this a quick nudge, as I didn't get a reply yet. Hope the question wasn't too silly!

K_S

Yawn said:

My partner has two small fixed-rate mortgages on his property: one larger (40-50k) one which he ported when he bought his new place (we don't live together) and which expires in February, and a smaller 20k one he took out to pay for the necessary renovations to pay for the renovations. They are with the same provider and at the same rate. His bank is letting him remortgage the smaller November / 20k part now already, but he would have to wait till he's within three months (so Nov/Dec?) to remortgage the larger amount. 

Anyone any advice on what best to do? Just lock in the lower interest rate on the smaller amount now? Or would it be better to fix the whole amount at the same time with another provider? I know some providers allow you to lock in six months ahead of time. I saw this post: https://www.moneysavingexpert.com/news/2022/08/major-mortgage-lenders-amend-product-transfer-rules-to-allow-hom/ which suggests that the Co-Op and Natwest are the main ones that allow you to do that?

@yawn Most mainstream remortgage offers are valid for 6 months or thereabouts. Depending on the specific lender, the 6 months can be from the date of application or the date that the offer is issued. A few lenders (eg: Halifax) have a complete-by date, which can give you longer than 6 months depending on the timing of the application. Yet others (like Nationwide) will allow you to 'reserve' a specific product/rate at the DIP stage for a period and then 6 months more from the date of offer. So there are lots of permutations and combinations possible that should get you to February and beyond to remortgage the two parts into one with another lender and lock in a rate now

However, given the relatively small amounts involved, the £ savings might be quite small so perhaps you might just trade that for the convenience of waiting until you can do a PT (product-transfer/product-switch/rate-switch) with your current lender.