How far ahead arrange mortgage product switch same lender?

missymoneypenny

Hello folks. I have a Natwest mortgage, 5 yr fix. 2.2%
Still has a while to run, but wondering how far in advance can you arrange to change to new product, would it be weeks or months? My guess is likely weeks? If remaining with same lender are income checks done again at that time (in the past they didn't but things change) - my income can remain the same if necessary around time of 5yr fix coming to an end, but I am considering study part-time before or around the time of the change, so trying to be sensible with options. Affordability won't be an issue in practice (i have savings) but on paper will be and I wouldn't get as much as needed on a remortgage if income lower. 

Context: 
Income £30K after tax 
Mortgage £140K
Value of house £500K
Income if student (stipend funded PhD part time 6 years) £14K (£7K teaching income current permanent contract and £7K stipend) (and £7.5K rental income from Lodger won't count) so be lucky to get a mortgage of more than about £40-60K - but I could delay this decision for a year after current mortgage deal ends. Age - 52, no missed payments, no CCJs etc.

amnblog

NatWest won’t be checking your income to transfer your rate - you don’t have an issue here.

Carl2510

They go off pre-tax anyway.

missymoneypenny

Thanks folks

missymoneypenny

amnblog said:

NatWest won’t be checking your income to transfer your rate - you don’t have an issue here.

Thanks, and when would be good to time to arrange, few weeks before or couple months?

LRmortgage

From memory, Nat West let you do it either 2 or 3 months in advance. I can’t remember exactly. 

They’ll write to you, you can also log in via your online banking and see what the options are.
might be worth getting a broker to check for you as well as sometimes Nat West offer different product transfer rates through brokers to what they offer you directly.