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Fixed Rate Mortgage Gone Down????
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~Beanie~
Posts: 3,043 Forumite
I had a five year fixed rate with the Halifax which finished at the end of September. I took out another 3 year fixed rate (also with Halifax) and the first repayment went out on 1st October.
I had a letter from Halifax yesterday saying that their SVR had gone down by .5% and my mortgage payment from 1st November would be going down. It does mention my fixed rate on the letter - sorry, haven't got it with me so I can't remember the exact wording - so it's not like they think I am on SVR. My mortgage isn't big anyway and the payment is only going down from £261 to £255 but I don't understand why!
Is this right? I thought a fixed rate was fixed whether the rates went up or down?
I had a letter from Halifax yesterday saying that their SVR had gone down by .5% and my mortgage payment from 1st November would be going down. It does mention my fixed rate on the letter - sorry, haven't got it with me so I can't remember the exact wording - so it's not like they think I am on SVR. My mortgage isn't big anyway and the payment is only going down from £261 to £255 but I don't understand why!
Is this right? I thought a fixed rate was fixed whether the rates went up or down?
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