How early do I apply for a mortgage renewal?
Discussion
Erm I'd get going now. Mine is up in September and funnily enough I sorted mine today with a broker. I have been burnt in the past applying directly dealing with the absolute morons at Tesco bank who asked the same question multiple times about cost of haircuts and food. They dragged it out and it took 5 months from start to finish.
I was f
king furious and to be fair to Tesco they compensated me about £500 quid. But it was a joke and took far too long.
Er on the side of caution and if the rate works lock in now.
I was f
king furious and to be fair to Tesco they compensated me about £500 quid. But it was a joke and took far too long.Er on the side of caution and if the rate works lock in now.
I've got a spreadsheet to look at options. I'm looking at 2 or 3yr fixes as I'm not sure I'll stay where I am for the long term, so don't want to lock in for a long time.
My spreadsheet has basic calculations to show remaining amount at the end of a fixed term, taking into account fees and overpayments. It's quite interesting how the headline rates can be incredibly misleading.
My best option right now seems to be First Direct, 2yr fix at 1.59% with £490 fee.
My spreadsheet has basic calculations to show remaining amount at the end of a fixed term, taking into account fees and overpayments. It's quite interesting how the headline rates can be incredibly misleading.
My best option right now seems to be First Direct, 2yr fix at 1.59% with £490 fee.
Matt.. said:
My mortgage is up for renewal in July, when should I be actively looking and subsequently applying? This is my first house, so I’m very new to all of this!
Thanks
All of our July renewals were started 1st April.......now is the time to get it underway, you can't legislate for how long it could take the lender or the solicitors they provide to get your mortgage into a position where it's ready to complete.......Thanks
After a little more looking the best options for me seem to be these:
1. Santander: 1.74%, £0 fee, 2yr fix
2. Barclays: 1.63%, £299 fee, 2yr fix = +£72 over term
3. First Direct: 1.58%, £490 free, 2yr fix = +£180 over term
Does anyone have an opinion on any of those that could help me make a decision?!
Are there any fees other that the booking fees that I should know/ask about? What costs are there that I have missed?
[edit] I see Santander have a £225 fee that's not obvious from the outset, so that would probably remove Santander as an option.
1. Santander: 1.74%, £0 fee, 2yr fix
2. Barclays: 1.63%, £299 fee, 2yr fix = +£72 over term
3. First Direct: 1.58%, £490 free, 2yr fix = +£180 over term
Does anyone have an opinion on any of those that could help me make a decision?!
Are there any fees other that the booking fees that I should know/ask about? What costs are there that I have missed?
[edit] I see Santander have a £225 fee that's not obvious from the outset, so that would probably remove Santander as an option.
Edited by Matt.. on Saturday 27th April 10:56
Quick question- does the house need to be habitable before you apply? We’re currently on a 2.75% rate which we want to get out of ASAP as it’s not competitive. We’re renovating the house, which currently is a building site.
Can we apply now and book a decent rate, with a survey to follow in September when the work is complete?
Can we apply now and book a decent rate, with a survey to follow in September when the work is complete?
TheLurker said:
princeperch said:
Platform home loans have a 1.84 deal no fees and £250 cashback available but you need to go through a broker..
I can recommend Sarnie on here (as will a lot of others). He sorted my mortgage out without any hassle.Funnily enough I started doing mine today and my mortgage expires on 31st July 2019.
I'm staying with nationwide and going for a 5 year fix at 1.89%, £999 fee. It works out cheaper to pay the £999 fee than go to the mortgage with no fee.
I normally fix for two years (nationwide is 1.59 with 999 fee or 1.99 with no fee), but I am thinking of going down the 5 year route as potentially my missus may well be made redundant, meaning to remortgage in 2 years time might be a nightmare (if she decides to stay off a bit longer with our 3 month old).
Considering santander and nationwide ignored the fact we have savings of about £40k (missus doesn't want to put it against the mortgage) when we remortgaged from C & G I may well just do it for 5 years and leave it at that.
I know we pay more, done the sums in excel, but hopefully we will continue over paying every month like we are currently (by the sum of £20 a month!)
I'm staying with nationwide and going for a 5 year fix at 1.89%, £999 fee. It works out cheaper to pay the £999 fee than go to the mortgage with no fee.
I normally fix for two years (nationwide is 1.59 with 999 fee or 1.99 with no fee), but I am thinking of going down the 5 year route as potentially my missus may well be made redundant, meaning to remortgage in 2 years time might be a nightmare (if she decides to stay off a bit longer with our 3 month old).
Considering santander and nationwide ignored the fact we have savings of about £40k (missus doesn't want to put it against the mortgage) when we remortgaged from C & G I may well just do it for 5 years and leave it at that.
I know we pay more, done the sums in excel, but hopefully we will continue over paying every month like we are currently (by the sum of £20 a month!)
Matt.. said:
After a little more looking the best options for me seem to be these:
1. Santander: 1.74%, £0 fee, 2yr fix
2. Barclays: 1.63%, £299 fee, 2yr fix = +£72 over term
3. First Direct: 1.58%, £490 free, 2yr fix = +£180 over term
Does anyone have an opinion on any of those that could help me make a decision?!
Are there any fees other that the booking fees that I should know/ask about? What costs are there that I have missed?
[edit] I see Santander have a £225 fee that's not obvious from the outset, so that would probably remove Santander as an option.
If their customer service for mortgage customers is anywhere near as good as it is for current account customers, go with Fird Direct. Totally work the extra £180.1. Santander: 1.74%, £0 fee, 2yr fix
2. Barclays: 1.63%, £299 fee, 2yr fix = +£72 over term
3. First Direct: 1.58%, £490 free, 2yr fix = +£180 over term
Does anyone have an opinion on any of those that could help me make a decision?!
Are there any fees other that the booking fees that I should know/ask about? What costs are there that I have missed?
[edit] I see Santander have a £225 fee that's not obvious from the outset, so that would probably remove Santander as an option.
Edited by Matt.. on Saturday 27th April 10:56
CoolHands said:
Couple of years ago went with a lifetime tracker, no fees. Worked out well so far. Most of the 2 year fixed deals with a fee - the fee makes a bit difference to the true apr. It’s all a bit of a rip off.
+ 2 years comes round every 5 minutes
Thats partly why I am thinking 5 years, I do pay less doing 2 years (even with the two lots of fees), but everything is up in the air for us as the missus can't decide!+ 2 years comes round every 5 minutes
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