Accord drop svr to 5.99.....however

polska1979

They just told me on the phone that unless customers contact them, then the cut wont be passed on and you will remain on the same payment each month. (Overpaying your mortgage)

Hardly treating customers fairly, they said that customers had to ring and ask for a payment re-calculation

My payment dropped from £630 to £528

Charlton_King

Interesting news. Dzienkuje for that. It will be interesting to see what they do if rates head on downwards.

sympatex

Polska - perhaps they ought to send some notification out. However if in 15years time someone who thought they were on a 25yr mortgage ends up being told they are now mortgage free they may feel like they've won the lottery!

Charlton_King

Or they may be more than somewhat annoyed at not being told their options correctly...

Kez100

I think it depends on what you signed up to. If the T and Cs say annual review than it is fair. There must be a review of some sort. I can't imagine it would carry on forever, after all what if rates increased.

This annual adjustment was common when we bought in the early 90's. It must save a huge amount of admin.

Charlton_King

Er, let's have some 'admin', then. Product 'fees' standardly of £1k ought to be put to some use, after all...

sympatex

Sorry CK, you seem annoyed by my answer and kez's! Its just a joke, as Kez said there will be a review at some point.

Also every lender is different, my mortgage will be with First Direct and they have already told me over payments will reduce the monthly balance and not the term.

Appears this lendor takes the opposite view unless borrowers themselves choose to call and get it changed.

have a word with their communications department.

Kez100

You do have some 'admin' - it was priced in the product when you bought it. I'd bet my bottom dollar you signed up to it.