Remortgage Tips: How to Potentially Lower Your Rate Before Completion

[ceasar8]

@myles0 Not really, depends on the circumstances of the person getting it.

 

[in_the_tent]

@myles0 not at all, there’s a lot to take into consideration when deciding on a repayment type.
Whilst age would be considered, it’s by no means the deciding factor

 

[bankole]

@myles0 the best advice I can give you is give no advice as you have no idea what you are talking about!

 

[sadie316]

As a mortgage advisor I can honestly say this is soooo annoying as we work on an appointment basis and it takes 2 much time when customers keep coming back again and again
As a customer I would do it al l day long lol

 

[revhtree]

@kerplin FYI

 

[kisscookie74]

In between your final payment on 1 mortgage deal and the first day of the new mortgage deal ( not the first payment date) you can pay off any amount you want as you are effectively out of contract. We did this twice and made significant reductions to ours penalty free

 

[in_the_tent]

@kisscookie74 not in all cases - some lenders will switch the rate overnight so you would be tied immediately into the new rate so limits and charges would apply

 

[santidad320]

@mwas

 

[hariwahyudi]

A good broker would normally keep you up to date with changing rates until completion date.

 

[bankole]

As a broker whilst this is correct there are pitfalls that go with this so please be very careful. Some banks will re-credit score you if you change rate and if you have taken out credit or things have changed then it can actually result in you losing your mortgage offer.
I’m always looking at a better rate for my clients but speak to a broker first before doing anything.

 

[07page]

A decent broker should be doing this as a standard

 

[randomnumbers]

@07page I do and you're right they should all be doing so

 

[randomnumbers]

It's not right up until completion due to release of funds, direct debit set up. Some will need a few weeks. You should always seek mortgage advice from a broker

 

[swissmiss2584]

@hamenopi

 

[tomstuart]

The advantages of going with a broker
The @joketogod team all do this for their customers

 

[daisiesmom]

If you had a broker they would do this automatically for you , we do it for all our clients and do not charge for it , but lovely that you are making people aware , it’s whether you can bear hanging on the phone for them , brokers just access your account and do it

 

[ritae]

@daisiesmom I’ve used LandC three times now. They don’t charge for their broker services and worth their weight in gold.

 

[daisiesmom]

@ritaethat’s good , I don’t use them as I’m a broker myself but great to see posts like this , with rates so high everyone should be checking their rates x

 

[redrider]

@daisiesmom is it still the case when taking out a mortgage that is is better to complete nearer to the end of the month - then your first mortgage payment paid in advance is calculated on the last few days of the month you complete in plus the following months payment whereas you complete at the beginning of the month and you have to pay in advance all of the remainder of that month plus the following month repayment

 

[daisiesmom]

@redriderthat is correct with the majority of lenders