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How soon before end of fixed rate?
tam21
Posts: 78 Forumite
How soon before the end of a fixed rate deal can you arrange a remortgage with a new provider (to commence at the end of the fixed rate, not before)? I'm asking because our fixed rate ends at the end of July, and we are having a baby at the end of May, so obviously it would be nice to get it out of the way earlier rather than later. Any idea?
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Comments
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Looking around 3 months before would be a good start, as the process can take 4-6 weeeks, to be in the position to be ready to complete.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0
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I would start looking even earlier. Some lenders will hold a deal up to 6 months once you have made your application. My fixed rate came up for renewal 1st November 2007 but I sorted out a replacement deal back in the summer.
Bear in mind that lenders are building very hefty rearrangement fees into these types of products. Try to find best combination of low interest rate and nil or little re-arrangement / legal fees.0 -
If you do look earlier, just be careful with fees, and paying anything up front.
In the current climate, with a big question mark over interest rates, you would not really want to move too soon and get left with a deal with a higher rateI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, 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.0
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