Remortgage question

mose_2

Hi, fixed rate ends in March so starting to look now. 

Currently got £111000 left so when applying do I apply for this amount although it will be less (not a lot) by the time the new mortgage starts in 6 months? 

What happens if I accept an offer then find a better rate in a few months can I just cancel the first offer? 

Sorry if it’s silly questions

thanks

K_S

mose_2 said:

Hi, fixed rate ends in March so starting to look now. 

Currently got £111000 left so when applying do I apply for this amount although it will be less (not a lot) by the time the new mortgage starts in 6 months? 

What happens if I accept an offer then find a better rate in a few months can I just cancel the first offer? 

Sorry if it’s silly questions

thanks

@mose_2

- you can apply for the current balance or an approximation of whatever will remain at completion. If there is a small surplus it'll be paid to you. If there is a small shortfall the conveyancer will ask you to pay them those funds before completion. 

- generally speaking, the offer is 'accepted' when the conveyancer requests the lender to release funds. So if you don't want to use it, you just decide not to complete on the offer and it expires in due course. 

mose_2

Thank you. Just one more question, I’ve found a fix for 5 years at 3.73% if I apply for that rate today is that the rate I will get even if rates go up in the next couple of weeks or will they change them? 

K_S

@mose_2 Generally speaking, with the vast majority of lenders, once you submit a full application for a product, the product/rate is secured.

mose_2 said:

Thank you. Just one more question, I’ve found a fix for 5 years at 3.73% if I apply for that rate today is that the rate I will get even if rates go up in the next couple of weeks or will they change them? 

mose_2

That’s great thanks.