Re-mortgage queries

LaurenMarps

Hi guys,

My mortgage which was fixed for 2 years since August 2021 is coming to an end, and I'm wondering when is best to look for a new one? How late realistically can I leave it as I'm hoping there may be a drop in interest rates.

Furthermore, given I am a single occupant in my house and footing all the bills myself, I've had to rely heavily on a credit card over the past two years and my credit rating has dropped from what it used to be. I've run a re-mortage checker through my mortgage broker and I'm still strongly qualifying for sensible mortagages even taking into account my higher debt - but is this a reliable bet to go on? 

Thanks.

kingstreet

What is the end-date of your current deal?

Many people are securing deals now they can escape from during the next six months. However, there is plenty to indicate we aren't going to see much more by way of rate trimming to attract business. It may well be we look back and say first week in March was the sweet-spot for this year.

BTW on a comparison I did this morning the borrower's product transfer options from existing lender were better than remortgage options in the market as a whole.

LaurenMarps

kingstreet said:

What is the end-date of your current deal?

Many people are securing deals now they can escape from during the next six months. However, there is plenty to indicate we aren't going to see much more by way of rate trimming to attract business. It may well be we look back and say first week in March was the sweet-spot for this year.

BTW on a comparison I did this morning the borrower's product transfer options from existing lender were better than remortgage options in the market as a whole.

Thanks for this, and my current mortgage will end at the end of August. 

That's interesting though, and I will bear that in mind but it seems I'll likely have to come up with a decision soon - thanks for your help!

FashionHeart

LaurenMarps said:

Hi guys,

My mortgage which was fixed for 2 years since August 2021 is coming to an end, and I'm wondering when is best to look for a new one? How late realistically can I leave it as I'm hoping there may be a drop in interest rates.

Furthermore, given I am a single occupant in my house and footing all the bills myself, I've had to rely heavily on a credit card over the past two years and my credit rating has dropped from what it used to be. I've run a re-mortage checker through my mortgage broker and I'm still strongly qualifying for sensible mortagages even taking into account my higher debt - but is this a reliable bet to go on? 

Thanks.

I'm in the same situation as you as my current 2-year FR will end in August 2023, however, I have l just locked in a new rate with HSBC for 3.99% as part of their 180 switch turnaround.
If your lender has a similar turnaround, I think you should consider locking to a new rate.