My first 2 year fixed deal comes to an end in January. I’m not very sure what the process involves when remortgaging, however I want to do it as soon as possible with rates going up so quickly.
Does anyone who has been through this process have any tips? As far as I can see, my mortgage provider only lets you change product 90 days before the mortgage rate changes, which means probably doing this in November. Who knows what the rates will be then!
Not sure whether you have already done this considering you’ve mentioned your provider only allows changes 90 days before, but I would recommend to speak to your provider and ask what your options are they may be able to give you an idea of what will happen between now and then
At the start of Jan or the end of Jan?
This usually means you can change your mortgage product with your current provider 90 days before the current mortgage deal ends (meaning take out another x-year fixed deal with them)
If you want to switch to another provider, you’ll have to wait until the end of the current (2-year) deal ends in January for the switch to occur - BUT - there’s nothing stopping you from starting the switching process NOW as long as you are clear that you don’t want to actually switch until the day after your current deal ends. Otherwise you are likely to incur penalties for leaving early.
I used to use in-person, face-to-face mortgage brokers for this kind of thing, but for the last 2 remortgages I’ve done it all online and it’s all gone swimmingly.
Speak to a mortgage broker - L&C are who I used - they’ll advise you.
You can normally lock an offer in for 6 months & they’ll advise if possible, and get you a rate now.
They’ll ask when your current fix ends and if you proceed with anything it’ll all happen the day after your fix has ended.
Fire any specific questions you may have, but you don’t have to stick with your current provider etc etc.
I just phone my broker. She checks the (whole) market and recommends two or three products, and sorts all the paperwork. I get one thing to sign. She’ll advise me on whether it’s better to pay a fee, or take a higher rate, depending on the fix/product/term etc.
Then it gets sorted, and the mortgage provider pays her. And finally she diarises the end of the term and gets in touch when it’s time to renew. Literally, that simple.
DM me if you want her details, I have used her for a couple of decades now.
Cheers for the advice. I used L&C for the original mortgage, so I’ll give them a call first and see what can be done at this point in time. It’s the end of January, so technically 5 months. Amazing the monthly difference in cost for every percentage point… I know you bank’s stress test etc when you take out a mortgage, but I’m pretty sure a lot of people are going to be shocked at their new rates over the next few months.