Do I need to advise current mortgage lender moving to different mortgage lender?

coffee_king

Hi
Does anyone know if I need to advise my current mortgage lender that I'm moving to a different mortgage lender when my fixed rate is up shortly?
My current lender is moving me onto a (Rubbish) 4.24% Variable (From 2.04% fixed for two years) and my new application elsewhere is at 1.95% fixed for 5 years.
Thanks in advance.

Edi81

No need to tell them.

sal_III

All lenders will eventually move you to a rubbish SVR around 4%, after your fixed deal expires. It's usually less painful in terms of application process/documents etc. to just get a new deal fixed with your current lender. Have you checked what's on offer?

As for advising them you are moving - no you don't need to do that in advance, they will get the "memo" when you repay your mortgage with the funds from the new lender.

coffee_king

sal_III wrote: »

All lenders will eventually move you to a rubbish SVR around 4%, after your fixed deal expires. It's usually less painful in terms of application process/documents etc. to just get a new deal fixed with your current lender. Have you checked what's on offer?

As for advising them you are moving - no you don't need to do that in advance, they will get the "memo" when you repay your mortgage with the funds from the new lender.

OK thanks.
No theres nothing better for me than what I'm applying for currently. I've done my homework.
No doubt its going to take longer than when I move onto the poorer variable so I will be on that for a few days.