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Overcharged fixed rate???
larkingirl
Posts: 1 Newbie
A friend of mine has received a letter from her mortgage lender saying that, as her fixed rate was higher than the allowable difference between fixed rate and base rate, her mortgage repayments will be reduced by £400 per month even though her fixed rate does not expire until 2011. Is this standard policy for all mortgage lenders or is she just incredibly lucky? Her fixed rate was over 7%. My fixed rate with Nationwide is 6.39% until 2011 and wonder if I am entitled to have my repayments reduced. What are the rules about allowable differences between fixed rates and base rates, if any? Can't find any reference in my key facts documents.
0
Comments
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That seems odd. What will happen when the interest rates rise again I wonder. Who is your friends's mortgage lender?0
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I reckon you are stuck with Nationwide rate I'm afraid.0
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