Natwest. Switching deal early?

anticlaus105

I have a 5 yr fixed rate mortgage at 2.83% with Natwest, due to end 31st Mar 2021. I toyed with switching early as the newer lower interest rates would have offset the 1% redemption charge and loss of 1/5 of a new 5 yr fixed fee. With everything that happened I didn't get round to it.

I read that certain providers, if you stick with them, will sometimes let you switch up to 3 months early, without a redemption charge. Is this true? I called Natwest and was told I could apply for a new deal up to 3.5 month before my current deal ends, but that the new deal would only kick in on 1st April 21. If that's the case there is no advantage to sticking with Natwest and I may as well have a look around. Was I advised correctly?

dimbo61

We are now in September 2020 so only 7 months till your current deal runs out.
Of course you should shop around and the bigger the mortgage the more important it is to get the very best rate and deal however it can become a long slow drawn out process to get a new mortgage with lots of lenders and maybe you could do the research on your existing lenders website and sign up in January 2021 to a new deal with them.
We changed deals 3 months early with Santander and got the cheaper rate straight away.

anticlaus105

Thanks. I don't plan to change early now unless I can do so redemption fee free, that ship has sailed. I was keen to try and get a better deal 3/12 early as Natwest now offer 1.44% for 5yr. It seems unlike your lender they don't allow an early switch. Unless I was misinformed.