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Libor Rate
last2know
Posts: 2 Newbie
Hi.......I have a question about the LIBOR rate if anyone can help please....My variable mortgage rate is linked to the LIBOR rate and can never be more than 2% above it. At the time of writing the LIBOR rate is set 2.21% but my mortgage company tell me that their LIBOR rate is 3.99%. My question is can they set a different LIBOR rate to suit themselves rather than the current reported set rate............
0
Comments
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Most LIBOR related mortgages use the 3 month LIBOR. And usually review their LIBOR rate quarterly in March, June, September & December. The date in the month when it is set varies from lender to lender.
Effectively what you have is a series of 3 month fixed rates, some quarters the rate may go up and sometimes it may go down.
Who is your lender?0 -
Hi Tiddler.....
Thanks for responding......
We are with Kensington.........Finishing a fixed rate at the end of May......0
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