Can I bag a cheap rate now?

[Booldawg]

Typical! I'm tied into my mortgage for another year. Is it possible to get an offer on a mortgage now with the understanding the same deal will stand when I'm able to re-mortgage.

From what I understand offers are valid for 6 months, but can guarantee when I get a chance to move mortgages the rates wouldve gone up.

[tigersam258]

I dont know that I've ever heard that a mortgage rate offer would be guaranteed for six months. I cannot believe that they would not instantly raise their rates if the Bank of England did so. Perhaps speak to an independant mortgage advisor and they could offer the best advice as to what to do with your mortgage. Sometimes paying a 'get out' charge on your existing mortgage will save you money longer term as the new mortgage may be a far lower interest rate.

Good luck with whatever you choose.

[cassa333]

Dought it.

We had to remorgage after our fixed rate ended when the rate was at 7% and they were predicted to go higher. We are now tied in for 5 yrs.

So the wonderfully low rates are good for some people but not us.

Personaly I want to see them go up to 9% to make myself feel a little bit better LOL

[BenDToy]

I have heard the 6 month thing as well. I think it is not always the case but usually. However I also think that in order to secure the deal you may need to pay any fees and valuations up front, and these will be non-refundable. As tigersam recommends, speak to an adviser.

[Twenty20]

I think what is meant is that the offer of a mortgage is guaranteed for 6 months but not the interest rate i.e. they'll let you have a mortgage in, say, 4 months time but at the rate current at the time.