Natwest Mortgage Question

soundrunner

Hello,

My current mortgage deal is due to end 30/06/23 but I can choose a new product now. If I was to choose a 2 year tracker now, would this start right away or after 30/06/23?

Many thanks

ACG

I am 99% sure it gives you the option. 

soundrunner

ACG said:

I am 99% sure it gives you the option. 

The only reason I ask is I went through the process of choosing the new deal and was reading the terms and conditions, it suggested 28 monthly payments (I read this as 2 years plus the next 4 months which suggests the switch would happen immediately?).

Obviously I would prefer to stay on my current rate until 30/06 to benefit from the cheaper rate.

JMA74

it starts at the end of the current period

ACG

soundrunner said:

ACG said:

I am 99% sure it gives you the option. 

The only reason I ask is I went through the process of choosing the new deal and was reading the terms and conditions, it suggested 28 monthly payments (I read this as 2 years plus the next 4 months which suggests the switch would happen immediately?).

Obviously I would prefer to stay on my current rate until 30/06 to benefit from the cheaper rate.

It looks like I am wrong going off JMAs reply. 

kingstreet

We did a NatWest PT in August for an existing account with a product end-date of 31/12/2022. The ESIS says 28 payments at fixed rate of 3.54% at £1,045.37 per month.

We received an email saying;-

Your product switch application has been successful, there's nothing else you need to do. Your new deal will start within 3 working days of your current deal ending on 31-12-2022 and then we'll write to you to confirm your new monthly payment.

The new product ends on 31/12/2024 so the actual number of payments on the new rate is 24 (Jan 23 to Dec 24 incl).

The number of payments on the ESIS is based on the date the ESIS was produced and doesn't feature when the new product takes effect. An ESIS has an assumed commencement date.

soundrunner

Thanks all for your replies!

jonnypb

I'm in a similar boat, it starts when your current deal ends.  Also if you select a new mortgage now and a better rate then appears between now and the end of your current deal, then you can switch to the new/better rate.

soundrunner

jonnypb said:

I'm in a similar boat, it starts when your current deal ends.  Also if you select a new mortgage now and a better rate then appears between now and the end of your current deal, then you can switch to the new/better rate.

This is good to know! Does it notify you of better rates or do you have to manually look, cancel and choose a better rate?

JMA74

Manually,  if they notify you it would be deemed to be giving advice on products which you don't get through the online system