How To Get Fixed Rate Mortgage Reminders
Many property manager's use PaTMa to keep track of their fixed rate mortages as a way of amplifying and gearing their returns. The interest payments in fixed rate payments are often kept at a set amount throughut the loan's lifetime. PaTMa has the ability to record all mortgages and property values, sending automatic reminders three months prior fixed rate terminations. However, first, you have to set up a tenancy agreement and set up a mortgage.
However, it is important that all property managers are aware that often when a current deal ends (fixed rate or a tracker), if you decide to not remortage or find a new deal, an SVR will be automatically applied, and this is often more expensive than the inital deal. To add, standard variable rates can account for unpredictability, and potentially negatively affecting budgets. Hence, it is adviced that property manager's get ahead of the work load, finding out their options on how best to remortage.
Every property in PaTMa has a space to store current mortgages or other loans you've taken out against it. Simply set the "fixed rate end date" and PaTMa will automatically email you a month before it's due to expire.
Additionally, a notification as displayed below will appear in the property list.
This way you'll have plenty of time to evaluate the impact of the mortgage reverting to a standard rate (we've got some exciting tools coming out soon to help with that). If you decide to find a new deal, you'll still be in time to get in touch with your mortgage broker.