I lock in my mortgage NOW or sweat it out for more time.... [SOLVED]

OpolE

I made a post in June

My nationwide mortgage is up for renewal by the end of October this year

I have now been given a mortgage offer and now a new revision and its gone up slightly

At the moment I have NO INCOME. So I cannot switch providers so am thinking of a 5 year fixed deal.

However this IRAN stuff is still to this day looming with a new leader who could chuck a spanner in the works.

I sort of need to know whether to just lock in as soon as possible or await something changing to take advantage of a lower deal.

Attached first revision.

Altior

What the Mortgage Charter means for you

We’re pleased to have signed up to the charter. It means that, right now, if you’re up to date with your payments you can:

• Switch to a new mortgage deal with us without an affordability check
  But if you move to another lender they will still need to do their own affordability check.
• And if you find a better deal? You can cancel the one you applied for and switch to that one instead. Just tell us on or before the 20th of the month before your new rate is due to start.

https://www.nationwide.co.uk/mortgages/existing-mortgage-members/home-support-hub/

OpolE

https://forums.moneysavingexpert.com/discussion/comment/82097327#Comment_82097327

EDIT: Thanks +reps

Altior

https://forums.moneysavingexpert.com/discussion/comment/82097411#Comment_82097411

You've lost me.

The mortgage charter allows you to lock in a deal now. And change to a different deal before the 20th of the month before the new rate is due to start. No sweating involved!

Yorkie1

This says you can cancel the switch up to just before the 20th of the month before the new product comes into force. You may then need to wait up to 5 working days before you can apply again.

So, it seems that if a better offer came along after you accepted a deal now, as long as you were in time, you should be able to cancel and rebook. Hopefully someone more accustomed to NW mortgages will be along to confirm or correct this.

https://www.nationwide.co.uk/mortgages/existing-customer-switching/guide/

OpolE

https://forums.moneysavingexpert.com/discussion/comment/82097417#Comment_82097417

Sorry about that. I read it slightly different first read.

Altior

https://forums.moneysavingexpert.com/discussion/comment/82097485#Comment_82097485

No worries, I copied it across from NW and the bolded bit wasn't important but it made sense to leave it in for context. I could have changed it to plain text.

OpolE

https://forums.moneysavingexpert.com/discussion/comment/82097551#Comment_82097551

I guess what I should do is lock in. Check daily and see if a deal comes up in the next 2 months that is better.

I may find myself pulling out of a deal and in a few times or NONE.

Altior

https://forums.moneysavingexpert.com/discussion/comment/82097554#Comment_82097554

Yes lock in the deal that appeals most now, then periodically review and commit to a final check just before it is fully locked.

RelievedSheff

Seems pretty straight forward to me. Lock in a deal that suits now and then review in the period up to the new mortgage starting. If a better deal comes along then switch.

OpolE

https://forums.moneysavingexpert.com/discussion/comment/82097570#Comment_82097570

Earlier today it was "re-calcing" and went down -£4 per month. So locked in.

Now ive bookmarked https://switcher.mortgages.nationwide.co.uk/product to check daily. And it looks like its ready to go again to lock in. Hopefully nothing goes wrong when it does go down and I try again.