Nationwide and Santander have now reduced their transfer windows and reversed their rules, citing "mortgage price stability"comes as 1.5 million homeowners are expected to face sharp increases in their monthly mortgage payments when their fixed-rate deal expires.
Since May, Nationwide customers have only been able to lock in a new deal four months before their current deal expires - down from six months., customer behaviour has changed, and the proportion of product reservations five or six months in advance of maturity has dropped significantly."This still offers customers the flexibility to reserve their new rate well in advance, and re-reserve if a lower rate becomes available.
"As such, we have taken the decision to revert back to enabling customers to switch up to four months before their current deal ends, in line with other major lenders."Locking in to a new fix deal six months ahead gives homeowners plenty of time to do their research, find the right deal, and plan a budget.
However, if you're a Nationwide or Santander customer who's six months away from remortgaging, you'll now have to wait another two months before you can lock in a deal with your existing provider. Most of the biggest lenders still allow existing customers to lock into a new fixed deal at least six months in advance.has only ever allowed existing mortgage holders to lock into a new fix three months ahead of their current deal expiring.Zara McDermott breaks silence on ‘explosive row' with boyfriend Sam Thompson
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.