Mortgage ending - dates not correct?

rachaelsmith82

Morning, 

I took out a mortgage in November 2019 which was a 5 year fixed with TSB.

Due to the massive changes in rates over recent years I have been keeping a close eye and was hoping to get my new deal 3 months early ( as TSB allow you to do ) as see rates may be on the increase again.

I contacted TSB a couple of months ago to find out the exact date I could do this and they said it would be 1st December as my deal ends on the 28/02/2025. When I queried why this was (as clearly over the 5 yrs) they advised “these can be slightly longer dependant on when the rate is taken out, as when these are procured these are done in batches so sometimes can be slightly shorter or longer”

My knowledge in this area is limited and cannot see much online regarding this- is this usual?

A little frustrated as if it was sticking to my exact dates I could have changed my deal already - which looking at the news and predictions would be more beneficial to me.

Any advice much appreciated.

TIA

On-the-coast

It’s very usual. 

100% so in my limited experience. 

You’d have been given the exact date in the t’s and c’s when you took out the mortgage.  

I’d be happy in your situation. You’ve got 3 more months at a very low rate, and the mid term rate trajectory is still downward rather than up. 

amnblog

Most fixed rates have an expiry date rather than running 24, 36, or 60 months from completion.

This is perfectly usual.

Incidentally, I would not rely on the 'news' to estimate when your timing is most beneficial. It is prepared by a journalist based on information they barely understand and is no firm predictor of anything.

ACG

Some lenders (Nationwide is probably the biggest) do a fixed term. So if you do a 5 year fix, it will be for 60 months. 

Most lenders however (natwest, halifax, TSB, Santander etc), do a fixed end date. When a 5 year deal is released for example, they might do it for 63 months. They build in a buffer on the assumption it can take a couple of months to go through the application and legal work to complete. 

Have a look at your mortgage offer. It will give a fixed end date. 

born_again

When I took out a new offer from same lender Platform (CooP) I got sent offers 6 months before term ended. Sat on it for a month, then took up one of the offers, which did not start till the end of the previous term, but did save me money as rates rose in the period between taking up the offer & end of term.