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Coming out of a remortgage offer.
bflare
Posts: 464 Forumite
I contacted my broker 6 months prior to my current mortgage coming to an end. My current mortgage was at 1.79% interest rate. Obviously, the rates have rocketed since then. She managed to get me a deal with Santander but to keep my monthly payment low enough that I could afford she suggested that I increase the term from 25 to 30 years. My current monthly mortgage cost is £658. The new mortgage is coming in at £893 a month on a 5-year fix. The remortgage is going through now with the help of a conveyancing agent called Enact. I have checked a comparison site today & Yorkshire Building Society is offering a 5-year fix on a 30-year term at £863 a month.
I am not sure what to do. Can you come out of an offer once it's in progress? If so should I hold on a little while longer to see if the rates drop further? My current mortgage ends on December 31st, 2023.
I am not sure what to do. Can you come out of an offer once it's in progress? If so should I hold on a little while longer to see if the rates drop further? My current mortgage ends on December 31st, 2023.
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Comments
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Speak to your Broker before you trip yourself up.bflare said:I am not sure what to do.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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