Most people remortgage several times over the life of a property. LifeAxis stores every mortgage deal you have had, building a complete timeline of your borrowing history for each property.
What is recorded per deal
Each mortgage deal stores:
- Lender: the bank or building society
- Mortgage type: fixed rate, tracker, variable, or interest-only
- Interest rate: the rate applicable to this deal
- Monthly payment: what you pay each month under this deal
- Deal start and end date: the period this rate applies for — the end date is what LifeAxis monitors for the approaching expiry alert
- Outstanding balance: your current mortgage balance, entered manually
Multiple deals per property
A property can have more than one mortgage deal recorded against it. This covers:
- Remortgaging to a new lender or rate — the new deal is added alongside the old one
- Historical records if you want a complete picture of what you have paid over time
The current deal is the one with the latest start date and no end date, or whose end date has not yet passed.
Mortgage deal expiry alert
LifeAxis surfaces a suggestion on your Wealth Dashboard when a mortgage deal end date is within 90 days. This gives you time to review your options before you are moved onto a lender's standard variable rate.
Outstanding balance
The outstanding balance is entered manually. Update it periodically from your mortgage statement or lender's online portal to keep your net worth and equity calculations accurate.