Mortgage lock inends the day after we "leave" the EU. Boned?

[V1nce Fox]

As above, my window to change mortgages opend at the start of november. I've heard rumours mortgage companies are stress testing way above current rates so wondered if the collective bods here have anŷ experience or predictions on this.

[mikeiow]

No real idea, other than it sounds like it would be worthwhile you contacting Sir Sarnie of this forum.....not had personal dealings but if reputation is any indication, your time would not be wasted!

[V1nce Fox]

I've heard him mentioned before, his reputation does seem pretty solid.

[Killer2005]

V1nce Fox said:

As above, my window to change mortgages opend at the start of november. I've heard rumours mortgage companies are stress testing way above current rates so wondered if the collective bods here have an? experience or predictions on this.

I haven't worked in residential lending for 9 months but I haven't seen anything around stress testing for Brexit.

[JulianPH]

Sarnie is certainly your man here.

[Welshbeef]

V1nce Fox said:

As above, my window to change mortgages opend at the start of november. I've heard rumours mortgage companies are stress testing way above current rates so wondered if the collective bods here have an? experience or predictions on this.

Your term / deal ends 31/10/2019 - if you want to change sooner you will certainly be able to BUT there will be a cost. It’s detailed in the mortgage documentation it normally lists what % and sometimes the £ impact if you move it one /2/3/4 etc years into a deal.

From that you can judge if there are safer options/cheaper in the market place Or if you want to lock yourself in for surety to do it now and suck up the fee.

We were lucky in ours went before then - however we opted for 7 years / did look at 10 with the idea being we can always take cash back out st any time (given overpayments) plus that duration we felt that probably covers a lot of timeframe where the market might be in an unusual position.


As others have mentioned Sarnie - give him a call.

[Mgd_uk]

Can you not get a “quote” before the end, I think an offer lasts 30 days before expiring.

[Welshbeef]

Mgd_uk said:

Can you not get a “quote” before the end, I think an offer lasts 30 days before expiring.

The quotes I’ve ever had do have 3/6months limit BUT until the mortgage is completed the rate can change at any time as the deal can be pulled entirely or revised.

[V1nce Fox]

Welshbeef said:

Mgd_uk said:

Can you not get a “quote” before the end, I think an offer lasts 30 days before expiring.

The quotes I’ve ever had do have 3/6months limit BUT until the mortgage is completed the rate can change at any time as the deal can be pulled entirely or revised.

that's worth knowing, thanks. i did some comparison site yesterday and got a 1.99% offer on the basic details. i only need to borrow 70-75k and want to lock for 5 years so it's not exactly high stakes stuff but i don't want to get caught napping and get gouged either.