Remortgage

casper197634

Afternoon All

With the joyous news of another increase to the base rate today, I was looking for people's opinions on remortgaging. My current deal runs out November, but I can start looking from July. What's people's thoughts on what I should do?. Go on a variable rate mortgage and hope the base rate starts to come down fairly soon after then fix?. Go on a fixed 2 year rate mortgage and see if rates have dropped by the end of that 2 years?, or go 5 year fixed?. I know we don't have a crystal ball to see what will happen, just wanted to get people's thoughts.

Thanks

Neil

penners324

See what rates you get offered in July. 

K_S

casper197634 said:

Afternoon All

With the joyous news of another increase to the base rate today, I was looking for people's opinions on remortgaging. My current deal runs out November, but I can start looking from July. What's people's thoughts on what I should do?. Go on a variable rate mortgage and hope the base rate starts to come down fairly soon after then fix?. Go on a fixed 2 year rate mortgage and see if rates have dropped by the end of that 2 years?, or go 5 year fixed?. I know we don't have a crystal ball to see what will happen, just wanted to get people's thoughts.

Thanks

Neil

@casper197634 I don't have an opinion on what fix you should take but to protect against mortgage rates rising by July, it might be worth securing a remortgage (different lender) rate now with a mainstream lender that will allow you to complete on 01 Dec.

Mainstream remortgage valuations are free, any lender product fee can be added to the loan (so it's only payable if you complete on the remortgage) and you can opt for lender free legals. So effectively you can secure an offer for no sunk costs.

That way you have something under your belt while you wait for your current lender to offer you a PT rate in July.