Remortgage options...

jen_fpb

We are in a current position of a 1.14% mortgage as we ported a mortgage when we bought a new house in September 2022. This mortgage ends 31 December 2023 and currently we have around £78,000 left and 14.5 years.

This mortgage is woth Halifax. When I spoke to them they said they would send offers/deals about a month before the mortgage ends. I don't think this gives me enough time to shop around, especially with Christmas and Bank Holidays etc.

We obviously know that our interest rate is going to go up. Just wondering what you'd do about remortgaging. 

I'm possibly thinking a longer term, although don't think my husband will agree! 

We will be paying the 10% overpayment before we remortgage. I'm also currently on Mat leave going back to work in some form next March.

al3xp

With Halifax you can see product transfer rates up to 6 months before, on their website.

I setup a transfer on 30th April, even though my fix ends on 31st October.

You should be able to login and see the offers from 30th June/1st July.

Just remember they won't stay there for the whole 6 months, they will keep changing like their other new customer products do, but you can select that you don't want the new rate to start until your old one ends. That's what I did.

I decided to lock in a rate with Halifax and see if I could do any better in the months leading up to my current fix ending, but the way rates are going, looks like I'll be sticking with the rate I got on 30th April!

al3xp

Oh and just to add, while you can cancel a product transfer before it starts, I don't know if you would get back any fees. Mine was cheaper without fees, so I paid nothing to secure my rate, so nothing to lose if I cancel it.

simon_or

al3xp said:

Oh and just to add, while you can cancel a product transfer before it starts, I don't know if you would get back any fees. Mine was cheaper without fees, so I paid nothing to secure my rate, so nothing to lose if I cancel it.

Even better, if your rate comes with a bank arrangement fee, add it to the mortgage and pay it off in full when you complete.

bamgbost

i second @al3xp, we did the same thing. and secured out mortgage renewal with Halifax early May, considering current deal ends 31st Oct.
And the way things are going. The deal seems to be the best we will get.

Edi81

If you’re only borrowing £78k then the no fee will be cheaper. 

I’d log in on the 1st, secure the rate and then start looking around. 

jen_fpb

Thanks all.

We will log in on 1 July and see what we can secure