James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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My fixed rate expires on 30th April.
How soon should I kick off the process of remortgaging?
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stuartmitchell
Member
Registered: 24th Apr 04
Location: Kirkliston, Edinburgh
User status: Offline
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We did ours 3 months in advance mate and even then it went down to the final day due to our old lenders being thoroughly shite and our conveyancers being equally shite!
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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I'm in 2 minds about whether to do it now or hold off for a bit.
I can get 2.79% fixed for 2 years now. But I might be able to improve on that if I wait another month or so.
Currently when my fixed rate (5.69%) expires, I'll drop to 4% variable, so I'll be better off even without re-mortgaging.
[Edited on 11-02-2013 by James]
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Plus if you drop to the variable there's no fee and it goes on forever.
Fixed product with a fee will expire = more fees in the future.
I fell back to the variable in 2008 and haven't touched it since.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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last time I remortgaged, I did so in advance so there was no variable term at all. This time, it ran out in Nov. 2012 and as of yet, I've not done anything about it. I'm waiting to remortgage until more jobs have been completed, that way, I should see an appreciation of value and lower LTV = better rates.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Yeh I'm hoping to get my place revalued to give a better LTV. In which case it might be worth remortgaging, as the 2.79% fixed saves me £175 per month over the 4% variable and the product fees are only £600, so it's a bit of a no-brainer.
It does all hinge on getting it revalued to give a favourable LTV though.
[Edited on 11-02-2013 by James]
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Ian
Site Administrator
Registered: 28th Aug 99
Location: Liverpool
User status: Offline
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Or bridge the LTV gap with other borrowing.
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Could do, but I'd have to do the math to work out if it adds up.
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