5 Yr Mortgage Comming to an end

amnblog

grumbler said:

amnblog said:

grumbler said:

amnblog said:

Say a Broker costs you £300 in Broker Fees.

For that:

You know for sure you are doing the best thing

...

You can stop worrying as someone knowledgeable and experienced will be handling this for you

Can you vouch for ALL brokers? And do they have any incentives to offer you you the best deals?

I do not have to as we are Regulated and therefore the Financial Conduct Authority 'vouch' for us.

Well, if they vouch for everything they regulate, how come there are so many complaints to FOS and judgements in favour of customers?

Because the majority are complaints about Lenders.

Hoenir

mazibee said:

morgmonster said:azibee said:

Please can someone help me that.

Suppose today I opt for 5 year Fix 3.89% with a product fee of £999 now, and I am assuming rate drops.before June

My new Year 5 year fix will start in end of une 2024,

Can I cancel the deal ( I have opted today) before my new deal starts in end June 2024 and go for any other cheaper deal available at that time.

Sorry for bothering and asking thses ebaic questions.

Hiya, sorry I didn’t see your “@“ me. This is my understanding, yes, that we can cancel this deal, up to 14 days before the end date of the current mortgage, if we find a better option from Santander or elsewhere. I couldn’t get a firm answer on whether a product fee paid up front would be refundable, so i chose to add it to the mortgage (I will pay it off within 21 days of the mortgage starting to avoid interest on it). 

Unfortunately when I logged in today to opt for the 5 year Fix, the deals have changed.

Now new 5 Year fix deal with a product fee of £999 is at 4.03% (i.e 0.14% higher than the previous one i saw last week)

Any suggestions what to do now

Stop speculatating about the possible direction of interest rates. We'd all be rich if were that easy to predict the timing of events. The higher for longer message was conveniently ignored in much of the recent media coverage. 

jrawle

mazibee said:

Please can someone help me that.

Suppose today I opt for 5 year Fix 3.89% with a product fee of £999 now, and I am assuming rate drops.before June

My new Year 5 year fix will start in end of une 2024,

Can I cancel the deal ( I have opted today) before my new deal starts in end June 2024 and go for any other cheaper deal available at that time.

Sorry for bothering and asking thses ebaic questions.

A quick Google gives the answer, as far as Santander is concerned:

Can I cancel a deal I’ve already booked?

Once you’ve accepted your new deal, you can change to a different deal or cancel the one you’ve already booked. You must do this at least 14 days before your new deal starts. You won’t be able to make other changes until your new deal starts.

https://www.santander.co.uk/personal/mortgages/existing-customers/change-your-mortgage

Therefore it's worth choosing a deal now, then monitoring new deals regularly. If a better one comes along, you can cancel and pick the better one. There's no advantage in waiting as you'e already found out.

You could use a comparison website to see whether it's worth remortgaging with a different lender, but bear in mind this involves far more checks as it would if you were taking out a new mortgage, and possibly additional costs, solicitor's fees, etc. So it's only worth doing for a significant saving in interest.