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Similarly, does it go to a kind of 'rolling' deal you can switch at any time like a phone contract or is it a narrow window where you have to go straight away to the new deal at the end of the current one? Presume the former but just so I'm clear : /
Rolling (but check your paperwork just to be sure) because the FoR (Follow on rate) is usually much higher than any of the other deals.
More often you'll be offered to move to a new deal early (the idea is that you get a better rate and save money but stay with the same lender, if you wanted to move to a different lender early then you'd have to pay an ERC or pay your current rate for a few extra months until you're free to move).
Greenbank-
Thanks. That's what I'd hoped. Not due any time soon but when it does my payments double.
Mrs CYOA has taken a year (which has turned into 2 years and realistically 5 years) off on maternity leave so it's just my income which is my main concern when I come to remortgage - passing on paper affordability checks etc.
CYOA
On the subject of 'coming to the end of current deal' and not wanting to go through the palaver of SA302s any time soon, will it say anywhere on the lenders paperwork if they'll switch no questions asked or is it just a case of who picks up the phone that day?
Similarly, does it go to a kind of 'rolling' deal you can switch at any time like a phone contract or is it a narrow window where you have to go straight away to the new deal at the end of the current one? Presume the former but just so I'm clear : /