MSE News: Mortgage rates are falling – five-year fixes to drop under 4%. But will they get cheaper?

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  • englandsrose
    englandsrose Posts: 22 Forumite
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    Yorkie1 said:
    Nationwide broker centre are opening late tomorrow perhaps they are preparing something special! 
    No announcements from Nationwide today sadly - can't wait for much longer than another week!
    I will have to look elsewhere but no idea how long a remortgage application will take! If it’s a month and I’ve moved onto the variable then I probably won’t save much over the 24 months just paying 7.99 int in that one month! That is £300 already down the drain. I’d have to make sure my new monthly payments were £20 cheaper at least to claw back that month. So frustrating! 
  • RelievedSheff
    RelievedSheff Posts: 11,277 Forumite
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    Yorkie1 said:
    Nationwide broker centre are opening late tomorrow perhaps they are preparing something special! 
    No announcements from Nationwide today sadly - can't wait for much longer than another week!
    I will have to look elsewhere but no idea how long a remortgage application will take! If it’s a month and I’ve moved onto the variable then I probably won’t save much over the 24 months just paying 7.99 int in that one month! That is £300 already down the drain. I’d have to make sure my new monthly payments were £20 cheaper at least to claw back that month. So frustrating! 
    Our last remortgage application was approved in a couple of days and the legals could have been carried out in the week had we needed them to be.

    It depends how straight forward your case is.
  • NeverendingDMP
    NeverendingDMP Posts: 1,726 Forumite
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    If you are an existing Santander borrower you are looking for a rate switch, or a customer retention product. A remortgage is taken by someone changing lender while remaining in the same property. The mortgage is the security tying the loan to the property so only by moving from one lender to another does the actual mortgage, the legal charge, change. It is confusing as the word remortgage is often misused as meaning rate switch and change of lender.
    Also appreciate the explanation. Thanks v much.just a query though. If I'm going down the customer retention route who gets the better rate. New customers or people on retention or is it customer/specific. Just being nosy  We will Renew on line with Santander as opposed to look elsewhere and our fix is up this August. I'm watching what's going on in the hope we then get a ok ish new rate. We are 2.19% now and budget wise I am crossing my fingers we can renew for around 5%  but the less the better!
    Jan 18 Joint debts 35,213 - March 24 15.5 k
    Mortgage Jan 18- 77224 Dec 23- just under 69k
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