According to data from CACI Ltd (their Mortgage Market Database (MMDB) comparison of annual projected mortgage maturities from February 2013, February 2014, February 2015, February 2016, and February 2017), over £35 billion worth of mortgages in the UK are due to mature this autumn in the biggest two-month maturity period since 2012. If your current deal is coming to an end soon, perhaps it’s time to think about remortgaging.
When should I apply?
It will, of course, take time to decide what is right for you and to complete and process your application; so start thinking about remortgaging about six months prior to the end of your current deal. Here, at Yorkshire Building Society, your mortgage offer will be valid for six months so if you apply early you can be safe in the knowledge that you’ve got your mortgage offer and, therefore interest rate, in place and ready to transfer at the end of your mortgage deal (without going on to SVR or leaving your deal too early and being subject to early repayment charges).
Even if you don’t take advantage of the full six months, it is recommended that you apply for your remortgage product at least two months prior to the end of your current deal. That way you should still have time to be able to switch over at the end of your current deal.