Remortgaging for the 1st time - got 1 month!

[mizu]

We bought our flat in June 2018 and now need to remortgage by 3 April. Stupidly I thought as we moved in June that the mortgage wouldn't finish until this June but now realise that the mortgage must have been sorted out that April.

We went through a broker - who to be frank was quite disorganised and so won't be using again. Got a letter in the post this week to say I need to remortgage by the beginning of next month.

My question is do I just go online to a website like compare the market? Do I go into my bank? We both work full time so limited on time.

Any information gratefully received.

Personally, I'd go back to a broker, but choose a decent one. Much better than the banks. Mine sorted out my mortgage offer in a single morning (but then the banks will take a few weeks to approve it. Mine has given me estimated dates based on each banks current performance with their other customers)

Can you ask anyone for personal recommendations?

Also, you can still remortgage after the month, you'll just have much higher payments until your new mortgage kicks in

(Also, pm me if you want the name of my broker, but I know I'm just some random on the internet!)

I remortgaged last year using a broker, London and Country. Like you, I'd got mixed up on my dates and the person I spoke to did a slight intake of breath when I said my fixed deal ended in a month. He said they like to allow two months to get it all sorted. I managed to get mine done in about 5 weeks.

Another vote for a broker. I have used London and country but really be careful with them, one of their brokers was excellent but another was totally shit

Where are you based OP? We have just used an absolutely EXCELLENT one. Worth his weight in gold. He may be able to help over the phone/email?

Thanks all, the mortgage will really go up if I don't get it sorted ASAP!

In Cheltenham.

Manic at work at the moment too so hard to find the time!

Ps ma Joady don't know how to PM!

Hi all thanks for all the replies - I've just reread the mortgage letter and its 30th April not 03 phew.

It depends whether you need to remortgage and move to a new lender or just fix a new deal worth your existing lender; I just refined mine with Santander and it took fifteen minutes ....

I've never used a broker. Money supermarket and other comparison sites, then a spreadsheet, and have always stuck with the same bank. HSBC are competitive on rates and fees though. Switching to a new deal was done online last time.

Just ring up, or go online to your current mortgage provider, and transfer to their best deal. Sorted in 15 minutes & save yourself the setup fees. Their is very little difference between the main banks top deals, 2 year fixed all around 1.5%

Good idea zombie thanks, I'll do that

I got 1.70% fixed for 5 years with Santander. Did it myself and it took about 15 mins. Easy peasy.

1.7% for five years is a very good rate.

Thanks user but I don't think I'll get that good a rate. Our property was worth £200,000 when we bought (a teeny flat!) 2 years ago and our mortgage/ what we need to borrow is now £180,000.

I can recommend an excellent mortgage broker in Cheltenham?

We just stayed with same lender and renewed online. I had checked around first but the difference in rate had little effect on our relatively small mortgage and meant it was easier than new application hassles.

mizu If you go to a different bank they will usually charge you approx £1000 in set up fees. If you can get a good deal with your current bank they wont charge you anything.

For a 180k mortgage with at least 10% equity you should get a rate of around 1.7% at the main banks.

We've just done ours including increasing the value so we can get an extension. All over the phone and online with our existing lender the extra cash is already in the bank but the mortgage is not due to change until the end of the month it took about 2weeks but that was a bit longer than it would have been as the bank approved it all and then contacted us with a better deal splitting the loan part from the mortgage so the mortgage part has a much better rate saving us £30a month. It was really easy, a quick online application a 2hr phone consultation (i didnt even speak to them just dh) emailing a couple of pay slips each and then just electronically signing some documents and 1 lot by post. Our situation is actually quite complicated too, we have another mortgage on a rental property im on the unpaid part of maternity leave and ive just set up a business. Don't work for them i promise but hsbc are great imo

Don't use London & Country.
I know a north London based broker who is very good if you want to pm me for details.

I’m interested in this too. Will be in this position soon.

Is it always the case that you don’t have to pay the arrangement fee if you stick with your current lender?

And do you still have to go through the whole paperwork/affordability/credit check thing if you’re not borrowing more?

You don't have to pay a fee. Search on Barclays for a low mortgage. Its called the Great Escape still I think

do you still have to go through the whole paperwork/affordability/credit check thing if you’re not borrowing more?

Correct, if you stay with the same provider and aren't asking for more money it is unusual they would charge you a fee or do more than just basic checks (as long as your circumstances haven't changed significantly and you made all your payments).

I use a broker every time they can work out which deals are better / worse not just based on rates but also fees, free legals etc

Thanks again, all. Some useful advice for novices like me. Think I'll contact current provider. Also didn't know that if I switch to another provider, I'll be charged for it!!!