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Which date matters?
pimento
Posts: 6,243 Forumite
Hi,
I'm currently on a five year fix at 4.99% with Cheltenham and Gloucester. The mortgage started with them on September 1st 2006 (first payment 15th September 2006).
I've just checked my documents and it says that my fixed rate comes to an end on May 1st 2011, after which I will move to their SVR (which is 2.5% at the moment AFAIK).
So does that mean that I will be able to re-mortgage with another provider on May 2nd 2011 (should I want to) or must I wait until five years have actually passed on September 1st 2011?
I'm currently on a five year fix at 4.99% with Cheltenham and Gloucester. The mortgage started with them on September 1st 2006 (first payment 15th September 2006).
I've just checked my documents and it says that my fixed rate comes to an end on May 1st 2011, after which I will move to their SVR (which is 2.5% at the moment AFAIK).
So does that mean that I will be able to re-mortgage with another provider on May 2nd 2011 (should I want to) or must I wait until five years have actually passed on September 1st 2011?
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
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Comments
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It should clearly state at what point the ERC stops.
This would usually be when the fix ends.0 -
ERC?
The document says "The fixed rate ends May1st 2011".
I won't have been paying the mortgage for five years until September 2011."If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0 -
May 1st. You may pay more or less than the 5 years as a result.0
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Thanks. That has cheered me up!"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0
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Cool. Someone was on here a while ago complaining that he has a similar deal but was on the fixed for 5 years + because he took it out early. So his loss is your gain.
You might want to send him a few quid to make it up to him.:)0 -
The cheque's in the post!
"If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair0 -
Dont be in any rush to take out a new deal with a mortgage rate of 2.5% and hope the BOE base rate stays at 0.5%.
Overpay if you have no other debts0 -
ERC is early repayment charge.ERC?
The document says "The fixed rate ends May1st 2011".
I won't have been paying the mortgage for five years until September 2011.
In other words, a penalty that you pay for redeeming the mortgage early.
In most cases that would be when the fixed rate ends, but one or two lenders had a sneaky habit of an "overhang" where the ERC applied for a period of time beyond the end of the fix.0
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