Should I act now?

Jmoo

My fixed rate mortgage is due to run out in February. It's currently got an APRC of 4.6% and the standard variable rate for Leeds Building Society was 5.29% at the time. With the news there's expected to be more rises ahead is it worth acting now? Our adviser perhaps unhelpfully reckoned interest rates would be back to where we started by next year when we queried it earlier this year. 

K_S

@jmoo Impossible to say what will work out better in hindsight but with a fix ending in a little over 8 months, if you want to give yourself some optionality, there are a few options you can consider.

You could look at getting a re-mortgage offer from a mainstream lender that allows you to stretch the usual 6 months validity. For example Nationwide allows brokers to 'reserve' a product/rate for a client for 90 days with a DIP, and the offer when issued will be valid for 6 months from the date of issue. Or Platform will allow a 3 month extension on top of the 6 month validity.

Once you have an offer in hand then you can always reassess your options at the 6 month mark when you will have access to the whole of market including Leeds product-switch options.

Jmoo said:

My fixed rate mortgage is due to run out in February. It's currently got an APRC of 4.6% and the standard variable rate for Leeds Building Society was 5.29% at the time. With the news there's expected to be more rises ahead is it worth acting now? Our adviser perhaps unhelpfully reckoned interest rates would be back to where we started by next year when we queried it earlier this year. 

Jmoo

K_S said:

@jmoo Impossible to say what will work out better in hindsight but with a fix ending in a little over 8 months, if you want to give yourself some optionality, there are a few options you can consider.

You could look at getting a re-mortgage offer from a mainstream lender that allows you to stretch the usual 6 months validity. For example Nationwide allows brokers to 'reserve' a product/rate for a client for 90 days with a DIP, and the offer when issued will be valid for 6 months from the date of issue. Or Platform will allow a 3 month extension on top of the 6 month validity.

Once you have an offer in hand then you can always reassess your options at the 6 month mark when you will have access to the whole of market including Leeds product-switch options.

Jmoo said:

My fixed rate mortgage is due to run out in February. It's currently got an APRC of 4.6% and the standard variable rate for Leeds Building Society was 5.29% at the time. With the news there's expected to be more rises ahead is it worth acting now? Our adviser perhaps unhelpfully reckoned interest rates would be back to where we started by next year when we queried it earlier this year. 

Thank you. So it would be possible to get a remortgage offer from another lender even at this stage?