✦Property · 12 recordsRemortgage

The whole cost of getting this wrong is concentrated in a few weeks: a deal that lapses drops onto a much more expensive rate. The plan works backwards from the end date and treats the paperwork as something to gather before it is asked for.

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✦ Everything it creates

The whole plan, before you install it

Goal

Move onto a new deal with no gap Month 6

Never a month on the standard variable rate.

Look early Month 3

Six months out, when offers can be reserved and held.

  • Put the fixed-rate end date in the calendarDo firstDay 3
  • Get the current lender's offer and one comparisonDo firstWeek 6
  • Speak to a broker if anything is not straightforwardMonth 2

Apply and complete Month 6

Gather the paperwork before anybody asks for it.

  • Gather income proof and statementsDo firstMonth 2
  • Submit the applicationDo firstMonth 3
  • Confirm the new deal starts before the old one endsMonth 6

Routines

  • Check nothing has stalledweekly
✦ It puts something in the calendar

Dates you will not have to remember

Current fixed rate ends

Month 609:00
✦ It comes with a note

The cost is concentrated in a few weeks

A deal that lapses drops onto a much more expensive rate, and a single month there usually costs more than the whole exercise saves.\n\nSix months out is when most offers can be reserved. Gathering the paperwork before a lender asks is what stops the application stalling at the worst point.

✦ Questions

Remortgage, answered.

About six months before the current deal ends, which is when most offers can be reserved and held. Starting later risks the deal expiring first, and a month on a standard variable rate usually costs more than the whole exercise saves.
Proof of income, recent statements, and details of the current mortgage. Gathering it before a lender asks is a dated task here because assembling it under time pressure is what makes applications stall at the worst point.
Often, particularly if anything about the income is not straightforward. A broker sees deals that are not offered directly, and the plan has a task for getting at least one comparison rather than assuming your current lender's offer is the market.
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