When should I remortgage?

Mark_d

I currently have a 5-year fixed rate mortgage. The fixed rate period comes to an end at the end of July.  I would like to get your thoughts on when to start the remortgage process and whether I should apply to specific lender directly...or even move all my banking.

I'm after a 2-year fixed rate interest-only mortgage and unfortunately my current provider don't offer interest-only mortgages.  I would like to find a provider that can offer amongst the best rates both now and also every time my fixed-rate period ends (I'd rather not have to remortgage again).

When would be the time to start looking around?  I've previously thought it should be within 3 months of the current deal ending but some resources online suggest 6 months.

Should I go through a broker or would it make for better relationships if I approach lenders directly (Skipton and YBS seem to offer what I want).

Lloyds Private apparently do interest-only mortgages but I don't know how competitive their rates would be...I'd rather not have to move all my banking unless I'd be significantly better off.

fatbelly

I think start now and use a broker, as you may be able to lock in to a deal from the end of January

I'll leave it to the mortgage specialists to comment on the interest-only idea and whether a 2-year fix is best.

Hoenir

Mark_d said:

I'm after a 2-year fixed rate interest-only mortgage 

Market is extremely limited with very defined criteria. I'd suggest contacting a broker now. To ascertain what options would be available to you. 

No lender is going to offer the best rate every time. Not how the market works unfortunately.