Mortgage Question

chivalry21

Hi,

I recently applied for a fixed rate mortgage (September) unfortunately before the BOE rate fell by 1.5%. I called and verbally confirmed the rate back in Sept. and assumed all was well.

It's now November and the bank have only just applied the rate and back dated it as I was paying their full variable rate. They didn't call to give me the option of a 'refund' or ask whether I wanted to keep the money in the mortgage.

My question is: can I ask for their current fixed rate?

I realise I am not in a strong position as I agreed to the mortgage in September but feel a bit cheated since I was paying their variable rate until they decided to activate my 'deal'.

Does anyone have any advice?

Many Thanks

mic200202

If they have back dated the deal then you will be entitled to a refund of any differences in the payments made. They should make the offer of a refund clear to you, but I suspect you will see this built into the mortgage payments. You should call them to clarify this.Everyone and his dog are now assuming fixed rates are no good.I would say hold you breath this aint over just yet.Rates can go down - they can go back up just as quick.

jaigo76

I signed up to go on a fixed rate deal a few months ago (6.5%) which at the time seemed ok in the economic climate. I was gutted to find the interest rates cut on the new fixed deals they brought out. I was told i would be on the standard variable for one month and then the new deal would kick in the month after, however it never did, i was left on the SVR. Its as though they had just forgotten about it, they didn't even mention anything when i called them, i just said to them i want to go on the new lower rate (5.9%) and it was fine, they sent me the revised papers to send back

chivalry21

Is there any way to check they have calculated the interest rate correctly? And given that if it were the opposite way round and I'd paid too little that they would have charged me £35 per payment do you think I could ask them to reduce their fee?