Remortgaging

[moggiek]

Does anyone know How close to the end of the fixed rate period I need to be before I can remortgage without penalty?

Was told by RBS they’d start talking rates 11 weeks before.

I've just remortgaged from Halifax to Yorkshire building society. YBS said they'll be in touch about six weeks before the fixed rate ends to see if any of their products are suitable to move onto. Otherwise, I think it's a case of telling the new lender when your deal finishes and seeing if they can arrange or hold a product for you for that date.

You can start early but give them the date you want things to go through to avoid early repayment charges. We recently remortgaged to a different bank. We started the ball rollng 3 months in advance. However, due to them being completely useless at times and messing things up time and again, we did end up on the higher rate for 2-3 weeks as our original period ended whilst they were faffing.

Thank you so much. I'm just don't want to get caught out, and have to pay the higher rate 😱.

I know... as we started the remortgaging process 3 months early, I was fuming about paying the higher rate even if only briefly. I think the 2-3 weeks cost us over 2k in interest...

It should be a lot more straightforward if you can stay with your current bank, though. We needed to change as lovely Chelsea offered good rates only to new customers and anyone remortgaging would get fleeced (1-1.5% more than new-customer offer/what other banks offered).

I have a residential mortgage with Nationwide, with permission to let (my son lived in the flat, then moved, so I began renting it out) for which they charge an additional 1% on top of the fixed rate. The fix is due to come to an end early in the new year, and I want to make sure I don't get caught out while arranging a BTL mortgage to replace the residential one.

We are with Nationwide and it's 90 days if you switch to another nationwide product and 30 days if you want to go else where. We have just switched out of a 5 yr fixed - finally!!!

Good to know, thank you!