Remortgage advice

[Tee Hee Johnson]

Hello,

Our 2 year fixed comes to an end on the 1st of June, so I know not to remortgage before then due to fees.

We also want to pay off some of it, since we have a bit of savings, before taking out the new one.

Whats the process and how long is it likely to take?

We do have a mortgage adviser, but would be nice to know what I'm talking about before hand (or just to do it ourselves!)

Thanks

 

[BigBoy]

Anything we say will be conjecture as we don't have enough info to go on, but I have just remortgaged with the same provider (as the deal was good) took me 10 mins to fill out the form and select when I want the new deal to start. To pay off a chunk you need to speak with your lender as there may be charges for repaying earlier than the mortgage term.

 

[BUDFORCE]

If your at the end of your existing rate and product term, it would be very unlikely that would encure any ERC for paying a lump off, it'll just go through on the same transaction, remortgage for X amount, solicitors will receive the difference from you upon completion, the lender may want to do AML (anti money laundering )checks on the money you are using as a lump sum.

 

[Psycho Sonny]

Hello,

Our 2 year fixed comes to an end on the 1st of June, so I know not to remortgage before then due to fees.

We also want to pay off some of it, since we have a bit of savings, before taking out the new one.

Whats the process and how long is it likely to take?

We do have a mortgage adviser, but would be nice to know what I'm talking about before hand (or just to do it ourselves!)

Thanks

You can remortgage without any fees 3 months early so long as its with the same lender.

If a different lender then you need to wait until June.

As for fees and lump sums my lender let's me overpay by 10% of the original amount per year.

So if I took out a £200k mortgage. I can overpay by £20k per year. On top of the normal payments.

So I'd speak with your current lender and ask them if you can switch now without penalty and also the max amount you can overpay now without penalties. I'd also ask when and how much you can pay thereafter without incurring a penalty.

 

[bobuk]

Would the new 40% deposit come in to remortgaging now? I see some company's are getting quite assy with mortages in these strange times.

 

[Psycho Sonny]

Would the new 40% deposit come in to remortgaging now? I see some company's are getting quite assy with mortages in these strange times.

i don't see why. they have already lent you the money. so long as you have made all payments on time they should be happy to lend you the same money again on a new deal.

stick with the same lender to avoid all hassle.