Halifax 2 year fixed mortgage is not 2 years

Runningmad

Evening,
We have gone with Halifax for our mortgage. It's a 2 year fixed. Buying a new build house due to complete April 2022. The fixed rate ends 31st December 2023 so we don't get a full 24 months. I find this most odd as to me it should end April 2024. 
Any words of wisdom? Or anyone else in same situation? 

[Deleted User]

Not odd. Only nationwide offers a true 2 year from completion time frame as far as i can remember off the top of my head.
Most are 2 years and a bit on offer and of it takes ages to complete (like a new build) then you might end up with less. 
Santander introduced 2.5yr fixes for new builds to offer some solution. 

Caz3121

will your mortgage offer still be valid at time of completion? (normally it would be 6 months to draw down the funds)

[Deleted User]

If you are paying a product fee to get a lower rate then make sure it still adds up to be worthwhile on the reduced product period

Windofchange

Yup we had this. 2 years period up in March next year but it was august when we completed last year, so we’ll only have got about 20 months of the 24. 

kingstreet

Caz3121 said:

will your mortgage offer still be valid at time of completion? (normally it would be 6 months to draw down the funds)

Halifax offers don't have an expiry date they have a drawdown deadline and this is product-related so you simply change products to get a longer offer. The valuation is refreshed automatically after six months.

user1977

It is normal for them to be "2 years-ish" or whatever. The products are bought wholesale by the lenders, so the whole batch has the same end date no matter when you actually complete.

Runningmad

user1977 said:

It is normal for them to be "2 years-ish" or whatever. The products are bought wholesale by the lenders, so the whole batch has the same end date no matter when you actually complete.

Ah OK, thank you for explaining this. 

Runningmad

kingstreet said:

Caz3121 said:

will your mortgage offer still be valid at time of completion? (normally it would be 6 months to draw down the funds)

Halifax offers don't have an expiry date they have a drawdown deadline and this is product-related so you simply change products to get a longer offer. The valuation is refreshed automatically after six months.

Also thanks for explaining this, can you tell I'm a FTB 😂😂😂

Runningmad

Deleted_User said:

If you are paying a product fee to get a lower rate then make sure it still adds up to be worthwhile on the reduced product period

Thank you for pointing that out.