When does my Tracker deal end? Help Please!

flyingbanana_2

Hi everyone,

I was doing some clearing up at the weekend and found all my deeds, mortgage stuff, etc and i am needing some advice please.

I currently have a 2 year tracker with Bank of Scotland, however in all my paperwork it says that this deals needs in June 2009, however, i didnt complete on the property and so therefore didnt start my mortgage until November 2009, so does this mean that my 2 year tracker will end in november 2009 instead?

I am hoping so, because otherwise i have lost nearly 6 months (25%) of the deal!

If anyone has any thoughts or feedback then that would be great!

Thanks,

_Andy_

I'm struggling to understand the post but I think what you're saying is

The specified date of the tracker deal ending, in your mortgage paperwork, is June 2009.
You didn't complete until November (not sure of year, you say 2009 but obviously this isn't possible) and therefore you're wondering whether your deal ends in the June or November of next year.

Really you need to be asking your mortgage provider but it could be either.

flyingbanana_2

Hi,

Thanks for the post back, sorry for the pigs ear of the first one!

I am on a tracker rate deal that ends in June 2009, having applied and got the full offer around June 2007. However i didnt complete on the property until November 2007, so i am a little worried that i have missed almost 6 months of my mortgage deal! Surely they cant start your deal until you actually start withdrawing the mortgage, because want would happen if you had a complicated house purchase, like my friend did, which took him 13 months from offer to completion!

I know i am going to have to speak to them, but i am wondering if anyone else has had this situation? Surely the date was put of June 2007 was just put in the contract because that was when it was being done and the deal starts when completion happens, whenever that might be????

Thanks,

firesidemaid

deals are normally for a set period eg. 2 years from completion or come with an end date eg. june 2009

it sounds like yours will end in june 09 but as others have said the only way to find out is to ring up.

depending on what your rate is now and what happens to the base rate over the next few months you might be glad (or not) that your deal ends sooner:D

minimike2

Was there a delay in the transaction goign through between application and completion?

Deals tend to have an end date, rather than being for a set number of months. If it says it ends in june, it ends in june.

flyingbanana_2

If it ends in June 2009 i am going to be really angry because that is just unfair!

The reason there was a delay between getting the offer and completion was because of issues with the previous owner and getting everything sorted with solicitors, etc!

I had to pay a massive product fee for this deal, which i assumed was for 2 years, but it might only be for an 19 month product! I am going to ring them up now and let you guys know the outcome but it better be ending in November 2009!

minimike2

That delay is not the lenders fault though. The end of the deal was clearly stated on the offer document. If you were not happy with it you should have chosen a different lender / product at the time.

If you do a forum search you will find dozens of posts with other people asking exactly the same question. There isnt anything you can do about it now im afraid.

flyingbanana_2

but surely the terms of the mortgage only starts when you start withdrawing it?

I would have only known this after the offer came through, after i had paid the massive product fee!!

If this is the case i am going to withdraw everything from HBOS, including my savings, as this is a JOKE!

I am on hold now and will update when i know!

_Andy_

flyingbanana wrote: »

but surely the terms of the mortgage only starts when you start withdrawing it?

I would have only known this after the offer came through, after i had paid the massive product fee!!

If this is the case i am going to withdraw everything from HBOS, including my savings, as this is a JOKE!

I am on hold now and will update when i know!

The end date would be specified on your offer.

Why withdraw your accounts - it isn't going to change anything, You're over-reacting.

flyingbanana_2

I just think this is going to be massvely unfair!

If they are going to screw me out of 4/5 months of my deal then i am going to take ALL my money and business elsewhere and put it somewhere where i am getting the full benefit of it.

Can you believe i am still on hold! 44 mins and counting!

_Andy_

If the mortgage offer made it clear what the end date was (which I'm sure it did) then no-one's 'screwing' anyone out of any money as the terms were quite explicit.