2 year fixed mortgage - or longer?

ashbart

Hello,
I am looking for a bit of advice on a mortgage that my OH and I took out in June 2007, with Coventry Building Society (CBS).

We initially began searching for mortgages in December 2006 however, did not find and complete on a house until June 2007. We signed up to a 2 year fixed rate mortgage at 5.79%. Common sense would lead us to believe that our mortgage is up in June 2009 however, the original paperwork that we have says the fixed rate ends in DECEMBER 2009 - 6 months longer than 2 years!!

Our dilemma is - Whilst I was quite happy sitting on the 'longer' term mortgage until Dec 2009, the current SVR with Coventry is 4.74% which would save us a massive £173.25 per month, when and if our fixed term finishes.

Should I speak to Coventry and insist our fixed rate finishes in June so that we are put onto the SVR or is that not possible? Any ideas as to why our 2 year deal is 2 years and 6 months...??

Note - we cannot re-mortgage as we took out a 100% mortgage and due to the current housing market, we do not have equity to allow re-mortgaging so we have no option but to drop to SVR, which is fine seens how it is less than the fixed at the moment!

THANKS IN ADVANCE for your help!!!! Ash

betmunch

If the paperwork says the fix ends in December then the fix will end in December!

I very much doubt you will be able to get them to put you on their SVR earlier, but good luck if you try.

Cheers