Remortgaging - impact of reducing the amount on the existing offer's interest rate
The promo period of my current mortgage is ending in a few months. I'm holding off with overpaying as my savings account's interest is higher than that of the mortgage and also to avoid the early repayment charge. The plan is to leave a little window between the end of promo and remortgaging and during that window pay off as much as I can.
I'm not sure how much it's going to be so I will be looking for a new mortgage to cover the amount I owe now with the intention of securing the offer early in case the rates increase later.
I will then have to have the amount on the offer adjusted down by the amount I paid off.
Will it just be a matter of changing the figure on the offer? Or will this result in a new offer potentially with a changed interest rate as per the market condition at that time?
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