Does it cost money to secure mortgage deal, then switch to a better rate (same lender)

[Star1223]

My mortgage deal is coming to the end of its fixed term in September, with Nationwide. I am conscious that the general election is on 4th July - and who knows if rates will go up or down after this !

Does anyone know if securing a rate now - and then switching should the rates come down after the election- would cost money ?

No. We've just done ours and the fee we had to pay was to the solicitor for the legal bit. The banks haven't charged us at all.

No - you secure a new rate and you can chose to switch to a newer rate offered by the same lender until the date you switch. Or you can stick with what you originally secured. Our rate moved loads last year between the initial rate we were offered and when we ultimately took it out.

You wouldn't have to pay a solicitor if you were sticking with the same lender. Maybe something to bare in mind

Thanks for the quick feedback! Certainly something to think about then .

Nationwide need to know by 20th August if you we did secure a rate in advance, whereas I would assume if we didn't secure a rate in advance we have right up until the end of the fixed period ?

Gosh it's so hard knowing what to do especially when all I see in the news are the rates are due to fall due to fall, can they just hurry up and fall : )

(BTW half of our borrowing is on 6% so I do also understand the pain of a high interest rate and just trying to cushion the blow of the other half!)

@Cloverforever that's why my post said 'banks'. I was letting OP know what we paid for.

I appreciate that. I was just pointing out that that's not applicable if they stay with the same lender.

@Cloverforever definitely staying with the same lender so yep no solicitor fees to pay.
(Was going to switch lenders a few years ago and it was just a pain!) Turns out nationwide have been just as good to us in the long run

I'm with Nationwide and have found them to be good too. I've done most things online but recall you do have to allow a certain amount of time for changes to apply (you can't leave it too near to the next payment coming out),.

Also, it can take a while to get an appointment to speak to a mortgage adviser, which was frustrating when the rates were rocketing last year, and you can't make certain changes without doing so.

Definitely ask what the deadlines are whilst on the phone. I found some advisers much better than others.