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How long to switch mortgage deal?

(6 Posts)
GentlyGentlyOhDear Fri 01-Nov-13 09:12:32

My fixed term ends at the beginning of March and I was wondering when I should start looking around and applying for new deals?
Would a month be long enough to sort it all out?

CogitoErgoSometimes Fri 01-Nov-13 09:44:37

Are you going to be on a reasonably low SVR?

When we applied for our current deal (a couple of months ago) I think they would hold it for 3 months. i.e. you could apply 3 months before you needed to change for the rate and then once you fully applied for the mortgage they would hold it for a further 3 or 6 months (sorry can't remember if you got an additional 3 months making 6 months in total or whether you had 6 months to move the mortgage over).

GentlyGentlyOhDear Fri 01-Nov-13 12:19:43

I think the payments will go up by £10 a month when we go onto the SVR, so want another two year fix, really. I think we are on the cusp of 65% LTV, so hoping we can get a good deal.
Will start looking after xmas if we've got a few months grace to hold onto a deal.
Am tempted by First Direct as we have our current account with them and they are fab, and by looking at mortgage calculators, I think I can get my name added on (I only earn 1500 p.a.!) and we should be able to borrow the amount we need. Doesn't really matter as we are married, does it?

it has taken us nearly 4 months due to total incompetence from our broker, the new mortgage company and their conveyancer. I was prepared for 2 months because these things are never quick but 4 months has cost us £500 in higher mortgage payments. so I'd start just after Xmas for the end of march..

BackforGood Sun 03-Nov-13 17:33:07

It tends to take longer than you'd think, so I'd give it longer than a month. As crafty says, they will usually hold an offer for you if your previous one hasn't ended.

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