MAS Number five mortgage....isn't following the drop in interest

mertizra

Newbie!!

Just wondered if anyone else can help, or are with this company.

Background - I am a single mum of two working 27 hrs per week. I have an interest only mortgage with MAS number 5. I am on a fixed tracker...5.52 %fixed for three yrs started February 2007. I kind of thought with these trackers that the rate would go down with interest cuts but not go above the 5.52%. SO I really dont understand why mine isn't going down? Is mine a company that are not honouring this? Do they/should they have to? I am really struggling paying nearly 600 per month....all my friends mortgages have gone down to around 120 per month on trackers....

I had to do an interest only as no companies wish to have a part time single mum on their books! I wasnt allowed to do repayment either....but on the plus side i have NEVER missed a payment.

Thanks for reading

xx

RabbitMad

never heard of MAS number 5 but a fixed rate mortgage is just that fixed. I don't believe you are on a tracker at all, although you might be on a mortgage that is fixed at 5.52% for x years and then tracks above the base rate at y% for the remaining term.

_Andy_

If it's a fixed rate (which it sounds like) then it won't go up or down for those three years.
After that point it will vary.