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Re-mortgage in July
Guy_Montag
Posts: 2,291 Forumite
My GF is due to remortgage in July, however, the way credit is tightening daily, I can't help feeling she should get in asap.
So I guess my question is can she reserve a product now for a remortgage in a couple of months?
When she went to see her IFA/Mortgage broker - he said sit tight & hope things improve - since then things have got a whole lot worse.:rolleyes: I realise after the start of the new financial year things may change, but with three-month libor so high, it doesn't look that way. (AIUI - which is not very much)
So I guess my question is can she reserve a product now for a remortgage in a couple of months?
When she went to see her IFA/Mortgage broker - he said sit tight & hope things improve - since then things have got a whole lot worse.:rolleyes: I realise after the start of the new financial year things may change, but with three-month libor so high, it doesn't look that way. (AIUI - which is not very much)
"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.
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Comments
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You should be able to look now. We are nearly in April so only 3 months away.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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She could remortgage now and complete after July. Some offers last for three months (with an option to renew) and others last for six month.
I would go for it now for certaintyI 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 -
Thanks, I'll start looking now & suggest she goes to see her broker again asap."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
Yes - move quickly
As lenders are still enjoying themselves at the moment by increasing and withdrawing deals with little or no noticeI 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 -
I have three follow up questions for five points each -
1) Will it cost to reserve a product?
2) Can she back out if a better deal comes along?
3) Err that's it for now."Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
1) Not if you add the arrangement fees to the mortgage
2) Yes she can
3) Err - no problemI 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 -
No - not if she adds it to the loan
Yes - but consider if a valuation has had to be paid
Err OKI 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 -
No - not if she adds it to the loan
Yes - but consider if a valuation has had to be paid
Err OK
With regards to answer 1, I would be careful to check if the reservation/booking fee can be added to the loan. Some lender/products must be paid up front.
Adding the fee to the loan, as posters confirm does give you the opportunity to cancel the mortgage before drawing down in July, if you see a better offer in the meantime.
I booked a mortgage this month for July and had to pay a fee, which is non-refundable.0
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