Ready to switch! Any last words to the old lender?

m0rgana

Following a lot of advice from others on this board we've finally settled on a new lender to re-mortgage with (Nat West). It's going to save us a couple of hundred quid a month, so I'm cautiously optimistic that it's a good move.

I still need to call the old provider, just to make sure that we won't be stung for any penalties when we leave (we're out of our initial rate/2 year fix).

Is there anything else I should be asking or making sure of before we make the switch? A friend mentioned something about what day of the month we change over potentially being significant, but I wasn't entirely sure why or what they meant. Can anyone advice?

kingstreet

The back of your annual mortgage statement confirms the fees and charges on early repayment.

If the penalty period ends, there may still be a discharge, or final fee.

If you complete early in a month, the first payment will be made up of interest from that date until the month-end, plus a full month's payment, normally a few weeks into the new month.

TBH as you stop paying your old lender on the day you complete, it's swings and roundabouts either way.