Current mortgage fact sheet
Most homeowners could not say, without digging, their exact balance, rate, remaining term or account number, yet every remortgage conversation starts with exactly those figures. One page holding the lender, product name, rate, monthly payment, balance, term left, deal end date and exit charges turns a stressful phone call into a five-minute one.
First tasks
- Log in to your mortgage account and download the latest statement
- Copy balance, rate, payment and remaining term onto one page
- Add the deal end date and the date any exit charge falls away
- Store the fact sheet in a shared household folder
Fixed rate end date and switch window
Lenders typically let you secure a new rate three to six months before a deal ends, and missing the date tips you onto the standard variable rate, which is often several points higher. Working back from the end date to the first day you can lock a new rate gives you a window in the calendar instead of a letter that arrives too late.
First tasks
- Confirm the exact end date of your current deal with the lender
- Ask how early the lender lets you book a new product
- Set reminders at six months, four months and six weeks before the end
- Write down the standard variable rate you would revert to
Early repayment charge and exit fee check
Leaving a deal a few weeks early can cost a percentage of the whole balance, while staying a few weeks too long costs the gap to the variable rate. Knowing the charge, the exact day it ends and any separate exit or deeds release fee lets you time a switch to the day rather than guessing.
First tasks
- Find the early repayment charge table in your original mortgage offer
- Ask the lender for a redemption statement showing charges and fees
- Note the date the early repayment charge stops applying
- Record the yearly overpayment allowance from the offer terms
