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Mortgage deal ending in the next 6 months? Don’t wait for the renewal letter.
Lenders are pushing their fixed rates up. The good news is many will let you lock in a new deal up to 6 months before your current one ends. The new deal then starts when your current deal ends.
How to protect yourself:
1️⃣ Switching lender? You can usually lock in a new deal up to 6 months before your current one ends but will require a new affordability assessment
2️⃣ Staying with your lender? A product transfer can typically be secured up to 4 months early, depending on the lender - this won’t require an affordability assessment
3️⃣ If rates keep rising, you’re protected. If they fall, you can often swap to a cheaper deal before your old one ends (check for fees first)
4️⃣ Compare the total cost, fees included, not just the headline rate
5️⃣ Avoid taking out new credit before you apply
Save this if your deal ends in the next 6 months, and share it with someone who’s remortgaging soon.
This is an excerpt from episode 564 of my podcast. Listen to the full episode via the Link in bio.
This is general information, not personal financial advice. Make sure you speak to a mortgage broker about your own situation and all the mortgage options available. If you don’t have one you can trust then go to the link in bio where you will find the resources for this podcast episode including a guide on ‘How to find a mortgage broker you can trust’.
#mortgage #remortgage #mortgagerates #personalfinanceuk #moneytips
Lenders are pushing their fixed rates up. The good news is many will let you lock in a new deal up to 6 months before your current one ends. The new deal then starts when your current deal ends.
How to protect yourself:
1️⃣ Switching lender? You can usually lock in a new deal up to 6 months before your current one ends but will require a new affordability assessment
2️⃣ Staying with your lender? A product transfer can typically be secured up to 4 months early, depending on the lender - this won’t require an affordability assessment
3️⃣ If rates keep rising, you’re protected. If they fall, you can often swap to a cheaper deal before your old one ends (check for fees first)
4️⃣ Compare the total cost, fees included, not just the headline rate
5️⃣ Avoid taking out new credit before you apply
Save this if your deal ends in the next 6 months, and share it with someone who’s remortgaging soon.
This is an excerpt from episode 564 of my podcast. Listen to the full episode via the Link in bio.
This is general information, not personal financial advice. Make sure you speak to a mortgage broker about your own situation and all the mortgage options available. If you don’t have one you can trust then go to the link in bio where you will find the resources for this podcast episode including a guide on ‘How to find a mortgage broker you can trust’.
#mortgage #remortgage #mortgagerates #personalfinanceuk #moneytips
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