When does my mortage rate actually change...

matstand

I've got a Natwest Mortgage, and I cannot ask them as their web site makes communication with them impossible. I even clicked the complain button, and it wanted me to install an app.

My question. We bought a house in September 2021, and were very lucky as we ended up with a 5 year fixed rate mortage at 1.04% (very very lucky). When I look at my account. it says that I've got 15 years, 11 months left to run. which would imply that my fixed rate runs out in September 2026 - make sense, as that is the anniversary of the purchase.

However it also say that my current deal ends on the 30th November 2026. Does that mean that my mortage rate wont climb to SVR (or i need to switch) until the 1st of December 2026? or will it actually up after my final september 2026 payment. 

apologies if this is a stupid question.
 

born_again

Pop into branch, pick up the phone?

lspell1

matstand said:

I've got a Natwest Mortgage, and I cannot ask them as their web site makes communication with them impossible. I even clicked the complain button, and it wanted me to install an app.

My question. We bought a house in September 2021, and were very lucky as we ended up with a 5 year fixed rate mortage at 1.04% (very very lucky). When I look at my account. it says that I've got 15 years, 11 months left to run. which would imply that my fixed rate runs out in September 2026 - make sense, as that is the anniversary of the purchase.

However it also say that my current deal ends on the 30th November 2026. Does that mean that my mortage rate wont climb to SVR (or i need to switch) until the 1st of December 2026? or will it actually up after my final september 2026 payment. 

apologies if this is a stupid question.
 

If your current deal ends on the 30th Nov, you would move onto the SVR on the 1st December 26 if you did nothing, yes.
You can secure a new fixed rate 3-6 months in advance of your current fixed rate ending, depending on the Lender.

The reason for the difference in your overall term and the fixed rate is because fixed rates typically end on a specific date, not exactly 5 years after the fixed rate starts. 

lfc321

From the info you have provided it certainly sounds like your current deal ends on the last day of November and (unless you take out a new deal) you will move onto the SVR on 1 December. Perhaps it was actually 5 years and 2 months in the first place?

If you select a new deal with Nationwide, it allows you to decide the date that the switch happens. In this case, assuming the end of November is correct, the best choice would be 1 December (i.e. leaving it as late as possible, given it will be a much higher rate).
You don't need to install the app if you don't want to, but you will need to login via the Nationwide website: If you go onto 'manage my mortgage' online you can arrange the switch very quickly and easily (unless for some reason it is a more complex case, like additional borrowing, changing the term etc). 

As born_again says, if you are not comfortable doing it online the other options are to call them or go into the branch.

kingstreet

NatWest products have end dates, such as 30 November 2026 not number of months or years from completion. Nationwide, on the other hand, does the latter.

matstand

thanks all, that is good to know, and it will save me a few thousand pounds (I have a scary big mortgage).

lets hope for a significant reate reduction in the next 12 months

Yorkie1

matstand said:

thanks all, that is good to know, and it will save me a few thousand pounds (I have a scary big mortgage).

lets hope for a significant reate reduction in the next 12 months

I suspect that a significant drop in interest rates of fixed products or the SVR are unlikely to drop to anywhere near your current amazing rate.

Bearing that in mind, it might be worth seeing whether you can save as much as possible into a savings account, and make an overpayment at the point of moving from one product to another, to reduce your outstanding balance and to therefore reduce your ongoing monthly mortgage payments at whatever the higher rate may be.

amnblog

Nat West 5 year fixes around that time were running to 30/11/2026

If you applied early/mid summer you may be on a rate to 31/08/2026

Check your original mortgage paperwork