How will I know when my mortgage product is coming to an end?

When your mortgage product is coming to the end of its term we will be in touch with you to make you aware and give you enough warning to not go onto our standard variable rate.

What is a standard variable rate (SVR)?

A standard variable rate (SVR) is an interest rate set by the lender, and the lender controls when this is changed. It is the interest rate that you would be moved onto when your initial rate comes to an end. The SVR tends to be higher than the mortgage product rates available.

For example, if you take out a 5 year fixed rate mortgage, then after 5 years, if you don't product switch with us or remortgage to another lender, you will be moved onto our SVR.

Will I still have early repayment charges when my product rate ends?

Once the mortgage product has ended there will be no early repayment charges (ERC's) payable anymore, and you are then able to repay the mortgage, product switch, remortgage with another lender without incurring these.

There would be a redemption fee though if fully repaying the mortgage, or remortgaging to another lender, and this fee is common with all lenders.

Can I choose to stay with Generation Home once my fixed period ends?

Of course, we would love you to stay as one of our customers!

When your rate comes to an end you will be able to switch onto a new Generation Home product available at that time to avoid going onto the standard variable rate. This could also save you time and money compared to remortgaging with another lender.

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