Re-mortgage rate starting early?

firefly678

Hi, I'm coming to the end of my current fixed term mortgage deal, due to end in December 2022. I've decided to re-mortgage with my existing provider, and have selected a new 2 year fixed product, due to start January 2023 (at a higher rate as you might expect).

However when receiving the paperwork through for final review / approval, the new rate is proposed to start immediately, i.e. rather than it being a 2 year fixed deal at the higher rate, its proposed as a 2 year & 4 month deal with my current fixed rate ending early. This seems a bit cheeky to me, as I had expected to be agreeing a new deal to start from when my existing fixed rate ends.

Is this typical and just something to suck-up? Or worth querying / pushing back on? I might be able to delay accepting the new deal (offer is valid for 120 days), but is there a risk the re-mortgage offer might be withdrawn by the lender (e.g. if rates continue to rise and perhaps sharply)?

Thanks every so much in advance!

jobdone1

That's odd, I have always selected mine with ybs months before but it doe not come into force until the current deal expires. I would get the phone out and make enquiries 👍

firefly678

Great thanks a lot. Have called to confirm and switch will happen at end of my existing deal.

Apparently it just showed it as starting now as the computer system had to pick a start date to work from and so picked the date of my online application rather than maturity of the existing deail.

london21

Personally prefer 5 years for more certainty than 2 years if not moving.

firefly678

london21 said:

Personally prefer 5 years for more certainty than 2 years if not moving.

Thats great to hear