Useful Info re Fixed Rate Product Terms
Some lenders offer ‘dated term’ mortgage products and others offer products by number of years.
This will be detailed in your Illustration and/or Offer, however it is worth noting that if your chosen mortgage product has an end date and your completion date is delayed the product term may be shorter than you originally believed it to be.
For example: –
Assume today is 1st January 2019.
You have the choice of a 3 year fixed rate product or a product with an end date of 31st December 2022.
At the start these appear to be the same.
However, should you take several months to complete e.g. 1st June 2019 the first product would end 31st May 2022 however the second product would still end 31st December 2022.
Thus ‘losing’ you 6 months of the fixed period meaning you would move on to the lenders reversion rate sooner than you may have expected.