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Fixed mortgage end date
MikeJXE
Posts: 3,969 Forumite
My granddaughter is asking me when her fixed rate ends, I can't help it's 60 reads since first took a mortgage out
She moved Into her new home October 2020 as a first time buyer using first time buyer help and her deposit what ever that was.
on a 2 year fix with the Halifax
Her mortgage advisor has set up a meet in January saying the mortgage ends June 2023
Both confused
Could someone please explain whats going on your help would be much appreciated
Thank you in advance
She moved Into her new home October 2020 as a first time buyer using first time buyer help and her deposit what ever that was.
on a 2 year fix with the Halifax
Her mortgage advisor has set up a meet in January saying the mortgage ends June 2023
Both confused
Could someone please explain whats going on your help would be much appreciated
Thank you in advance
0
Comments
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Is it one that’s classified as a two year but in fact it was 30 months?🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
She's not sure but says they signed the documents in June when the had the mortgage in principleEssexHebridean said:Is it one that’s classified as a two year but in fact it was 30 months?0 -
Halifax products have end-dates, not a number of months from completion.
It's highly possible a newbuild two year fix in 2020 had an end-date of 30/06/2023.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you very much it seems to fit the billkingstreet said:Halifax products have end-dates, not a number of months from completion.
It's highly possible a newbuild two year fix in 2020 had an end-date of 30/06/2023.0 -
I do not get this myself. Certain banks have fixed end dates and then some banks are 2 years and an ACTUAL two years from completion. I don't get why one favours the other in their products.
Although in the current climate, I get why fixed end dates are better, they stop customers keep changing products all the time, if they do, they will end up with another product with a different end date and a different rate altogether.0 -
This will all be outlined in the mortgage documents she would have received or on her last mortgage statement.Not unusual for a Halifax 2 year to be a bit more.0
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It helps securitisation. Having all the products in an RMBS end at the same time makes the security more manageable.IAMIAM said:I do not get this myself. Certain banks have fixed end dates and then some banks are 2 years and an ACTUAL two years from completion. I don't get why one favours the other in their products.
Although in the current climate, I get why fixed end dates are better, they stop customers keep changing products all the time, if they do, they will end up with another product with a different end date and a different rate altogether.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1
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