How Close to Mortgage Renewal Gives Control?

Cotta

Hi All,


How close to renewal does a consumer need to be to have flexibility with their bank with regards to renewing a mortgage deal and not being culpable for the early exit charge? Or is it a case of on the day of renewal and not before?

kingstreet

Complete/change product the day after expiry of any ERCs unless there is a facility to change earlier without penalty.

Cotta

kingstreet wrote: »

Complete/change product the day after expiry of any ERCs unless there is a facility to change earlier without penalty.

Even if opting to remain with the same company?

Thrugelmir

Cotta wrote: »

Even if opting to remain with the same company?

Then there's always the option of porting the existing mortgage debt. Even if a particular lender does not offer any flexibility. As the agreement is contractual. Ball is totally in the lenders court. Fixed term is what it says on the tin.

fossman

When I remortgaged with Halifax they let me change deal 3 months before my old fixed rate expired.

Cotta

fossman wrote: »

When I remortgaged with Halifax they let me change deal 3 months before my old fixed rate expired.

Interesting, I wonder if other lenders will do that?


Thanks all for your feedback.

Destiny2017

My fix was up with Santander in July but they have just sent me a letter saying I can change now without penalty. Hope this helps.

Cotta

Destiny2017 wrote: »

My fix was up with Santander in July but they have just sent me a letter saying I can change now without penalty. Hope this helps.

Certainly does. Thanks