Couple of questions

chelseablue

First question is:

Just curious on this; our mortgage started on 26th Feb 2016 when we moved into our house.
We took out a 2 year fixed rate so I presumed the deal finishes on 26 Feb 18 but just looked on online banking and it says our fixed rate ends on 31st March 2018.

Just wondering why that is?

Also if the fixed rate does end on 31 March and we wanted to change provider, if I apply after Christmas would that be enough time? Or maybe even too early?

Thank you

[Deleted User]

Fixed rate deals have a set end date. So you may have a little less or more than the 2 years.

kingstreet

You may have a product with a fixed end date, not for two years from completion.

Even if it's two years from completion, it's usually based on the month following the month of completion with the initial period included in any accrued interest.

It depends on the type of rate (fixed end/years from completion) and the type of lender (clearing banks collect in arrears, building societies collect in advance).

Mid-January is a decent start for a 01/04/20178 remortgage completion.

chelseablue

Thank you both. Hopefully a mortgage start date of April Fools Day isn't an omen :rotfl: