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Original poster

Fixing mortgage in advance

9 replies

Decafflatteplease · 31/01/2023 14:02

Hi can anyone clarify on mortgages please?

We are currently on a fix and it's due to run out in summer We want to avoid going on the standard rates so want to fix again . Our lender have said we can fix 6 months in advance so fairly soon. If we see a good fix does it start from when we do it eg 6 months before our end date or does it start when our current fix ends? Hope that makes sense.

Thanks

OP posts:
Fran92 · 31/01/2023 14:05

When I did mine last year, we locked in 3 months before it ended on the new deal but it didn’t start until the initial term ended, so we didn’t end up on the higher rate 3 months early.

Original poster
Decafflatteplease · 31/01/2023 14:06

Fran92 · 31/01/2023 14:05

When I did mine last year, we locked in 3 months before it ended on the new deal but it didn’t start until the initial term ended, so we didn’t end up on the higher rate 3 months early.

That's what I'm hoping for! We had a consultation but I forgot to ask the advisor! And we do the rest online

OP posts:
Hack221 · 31/01/2023 14:58

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northernlola · 31/01/2023 16:29

Yes as above you 'lock in' the rate in advance, but it doesn't actually start until your current fixed term has ended.

Callisto1 · 31/01/2023 16:29

As the previous poster said. Your new deal won't start until the old one finishes. If you wanted it to start early you would have to pay early repayment charges. So be careful with your timelines if you take a mortgage out with a different lender.

Mummy2mybear · 10/02/2023 19:11

Watching this thread, I wonder if you fix 6 months before the deal ends if 2-3 months down the line intrest rates drop again you can retract the previous fix and fix on the lower offer once the deal expires without penalty this may seem a silly question to some we are in similar position.😩

PeanutCat1 · 10/02/2023 19:19

We've locked in the new deal which won't be starting in April. In the meantime our broker has notified us when the rates have come down so we essentially keep locking in better deals/ not tied in until our current rate finishes in April. We're with Halifax but I assume will be the same for most lenders.

PeanutCat1 · 10/02/2023 19:22

@Mummy2mybear

Yes we've done this a couple of times with Halifax. Our rate is not due to end April but we've been able to lock in better deals as and when they've come up over the last month or so.

Mummy2mybear · 10/02/2023 19:26

PeanutCat1 · 10/02/2023 19:22

@Mummy2mybear

Yes we've done this a couple of times with Halifax. Our rate is not due to end April but we've been able to lock in better deals as and when they've come up over the last month or so.

Thats really useful to know, we have 12 Months so can't do anything just yet but trying to prepare ourselves in advance for this, we know its going to hit with nationwide currently on very low fix. X

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