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Should I just lock in the remortgage deal my lender are offering before my broker appointment?
Options
frenchbaguette
Posts: 19 Forumite
Our mortgage is up for renewal in a few months. We have our appointment with our broker already booked for Tuesday. Our bank sent us the letter letting us know our options to stay with them. I checked Thursday so know what the options are and they are marginally better than I expected. Last time we remortgaged our broker was able to get us a better deal whilst still staying with the same lender so I left it hoping they would be able to do the same again.
It's important to point out that we ported our mortgage when we moved and it is the larger chunk that is up for remortgage, our smaller chunk is still fixed at 2.34% and we can't afford the early repayment charge either way so we are almost certainly going to be staying with our current lender whatever they offer.
Cue the news on Friday that mortgage rates are going up yet again and some banks have already increased their products.
I've checked tonight and the options I saw on Thursday are still there so I could just switch online and be done with it.
I'm worried that by waiting until Tuesday, the lender will increase the rates they are offering us and even with the broker's help we'll end up paying even more. I know it's the first working day of the week but I don't know how quickly banks are likely to change things. I'm currently on maternity leave and even when I go back to work we'll be in a childcare induced financial black hole for at least 2 more years so it really is important that we can secure a rate we can afford and the options I can see now are brutal (isn't everything) but doable so I'd be devastated if it disappeared come Tuesday.
Would it be foolish to say sod it to the broker appointment and just switch online whilst I can?
It's important to point out that we ported our mortgage when we moved and it is the larger chunk that is up for remortgage, our smaller chunk is still fixed at 2.34% and we can't afford the early repayment charge either way so we are almost certainly going to be staying with our current lender whatever they offer.
Cue the news on Friday that mortgage rates are going up yet again and some banks have already increased their products.
I've checked tonight and the options I saw on Thursday are still there so I could just switch online and be done with it.
I'm worried that by waiting until Tuesday, the lender will increase the rates they are offering us and even with the broker's help we'll end up paying even more. I know it's the first working day of the week but I don't know how quickly banks are likely to change things. I'm currently on maternity leave and even when I go back to work we'll be in a childcare induced financial black hole for at least 2 more years so it really is important that we can secure a rate we can afford and the options I can see now are brutal (isn't everything) but doable so I'd be devastated if it disappeared come Tuesday.
Would it be foolish to say sod it to the broker appointment and just switch online whilst I can?
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Comments
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What lender are you with?0
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TSB. They are offering 4.24% 5 year fix which would make my payments go up by £190 a month.0
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Well TSB so far haven't announced or increased their rates in the last week so I would personally jump on it today.frenchbaguette said:TSB. They are offering 4.24% 5 year fix which would make my payments go up by £190 a month.
I imagine they won't be far behind come Tuesday with potential rises.0 -
Your broker should consider product transfers as well as remortgage deals.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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