Remortgaging?

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Shiloe
Shiloe Posts: 314 Forumite
in Mortgages & endowments
Hi everyone just a quick question on remortgaging (first timer here)


My question is how does it work? eg my current 5 year fixed deal ends 30/11/2018 however if I wanted to switch to a new provider how do I make sure that the new mortgage is picked up from 01/12/18 without slipping into the SVR?


Do I need to wait for my current deal to finish, go onto SVR then apply for a new mortgage or can I apply for a new mortgage and have then take it over from a specific date?


Thanks in advance!

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  • armchaireconomist
    armchaireconomist Posts: 370 Forumite
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    You can apply in advance and tell them you want it to go live on that date.


    Alternatively, you can contact your current supplier and get a "product switch", which is basically you moving from one rate to another on that date (and you won't have to pay any fees providing you pick a non-fee product)
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Name Dropper Photogenic First Anniversary First Post
    edited 8 August 2018 at 1:19PM
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    You can apply for a mortgage product with another lender ahead of your current product term ending. This then allows for the necessary processing of the application and legal work to be performed. Ready for the switch.

    Do check what your current lender will offer. Remortgaging isn't a cost free exercise. All the costs need to be factored in to determine whether it is worthwhile. Not just the headline interest rate.
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