A number 6 cut from crafting paper against a dark turquoise background - signifying you ideally need 6 months to go through the remortgage progress

A question not asked too often, as many clients think you don’t need much time to get a remortgage set up, especially if you plan to stay with your current lender, and this could be the case for some. However, I like to start the remortgage process early, to make sure you’re getting the right deal and that you’ve got all the necessary things in place to hit the ground running when the renewal date comes around…

Why start the remortgage review early?

Because you already have a mortgage in place, we know the specific date by which the deal ends. I like to begin the remortgage process between four and six months before that date, which might seem longer than you’d expect. Here’s why:

  • More time to review your wants and needs over the next two/five years
  • More time to discuss any changes in the last two/five years
  • Time to make comparisons with other lenders
  • Time to get paperwork together if you choose a new lender.

What happens if remortgage rates go down after securing early?

Six months is a long time and mortgage rates may well change before your remortgage deal takes effect.

So, this is what we do…

Let’s say your mortgage is due for renewal in December. We’ll be starting the remortgage review as soon as possible and so submit an application in August, thus securing a rate you’re happy with.

In September, rates drop but you secured a rate last month that was higher and now regret making a decisions so early. Don’t worry, you haven’t missed out, we simply approach the lender and ask them to use the information they already have and apply the new lower rate. We then secure this.

Then October comes around and rates drop again – we go back to the lender once more, and so it goes on until we have secured the right rate for you and it’s time to commit to the next fixed rate term.

We can even approach other lenders if they are offering even lower rates than the lender you originally chose. It all depends on circumstances and preferences.

If your mortgage is up for renewal this year, then now is the time to start the remortgage process, and I’ll stay in the background for the next few months checking you’re still on track for a great deal.

Fee-free remortgage advice, when you need it

MK Mortgages is a fee-free mortgage advice service in Bicester, helping clients across Oxfordshire. I receive commission from the lender on every mortgage I arrange, the same as every other lender, so all my costs are covered. That means there are no costs to pass on to my clients.

Book a call now, so we can begin the process of getting you a great remortgage deal.