When to remortgage?

tsharp

Our 3 year fixed rate deal runs out in Sept, and I was wondering when to start looking for a new deal.

My current thinking is to start investigating around June time, probably returning to the broker who sourced our current one.

If i leave it too late I'll revert to the Nationwide BMR.

pollyanna24

Yep, three months in advance sounds like a good bet.

Nationwide are usually quite good and I've just taken out a new 5 year fix with them and my current fix ends at the end of next month. If you stay with Nationwide, you won't need quite so long. They told me as long as I had the offer letter back signed a week before the changeover, then that was fine.

There were a couple of places where I could have got a cheaper mortgage, but what with the fees and everything (Nationwide have a loyalty no fee switch at the moment), it wouldn't have been that much cheaper, plus bf's bosses have been a bit parpy about coughing up his payslips recently, so we figured better the devil you know.

Plus, because I overpaid a bit at the start of the mortgage, there is always that reserve to dip into as long as I stay with the same lender.

tsharp

Thanks. We plan to overpay when we can, so staying with nationwide might be a good idea to keep things simple, as long as it's competitive.

Paying any switching fee is the killer, and I don't fancy adding it to the mortgage term, as it turns into a massive amout over the full term.

beecher

pollyanna24 wrote: »

Plus, because I overpaid a bit at the start of the mortgage, there is always that reserve to dip into as long as I stay with the same lender.

That's a good point - I hadn't thought of that advantage of staying with my current lender. I'll remember that when I'm muttering to myself about paying over 6% in order to avoid arrangement fees/remortgaging costs when my fixed rate ends