A&L fixed rate

Cazzywazzywoo

I agreed a fixed rate with A&L last Friday before rates went up - so I have agreed 4.89% until August 2014 with no arrangement fee.

I am currently still on my previous banks SVR of 2.99% so want to delay completion as long as possible to benefit from this. I had been told over the phone that I do not need to complete for 4 months; however I recieved the paperwork yesterday and it states:
'This offer is valid until 12th December 2009'

I am correct in thinking that I don't need to complete until December 2009? i.e. I can stay on my current SVR of 2.99% for almost six months and still benefit from this agreed rate? It seems quite a long time and too good to be true!:j

If this is the case am I best to complete at the end of November or leave it close to the wire on 11/12th December? I understand that if I complete at the end of the month my first payment will not be higher due to interest payments. Is this correct? Does it matter whether I complete at the end of Nov or beginning of December?

Thanks
Cazzy

Cannon_Fodder

http://www.mortgageintroducer.com/mortgages/234519/4/Daily_news/Homebuyers_left_high_and_dry_as_lenders_cancel_mortgage_offers.htm


" Lenders are increasingly withdrawing written mortgage offers just before exchange, reports PPR, leaving chains in disarray and homebuyers and sellers in serious financial difficulties.
Buyers normally assume that a written mortgage offer means their finance is secured. But in fact, lenders are frequently making written offers and withdrawing them; which they are legally permitted to do within the small print. Prior to the credit crunch this was very rare and usually only occurred when the borrower's circumstances changed adversely after the mortgage application was submitted, increasing the risk to the lender. "


PErsonally, I would not risk losing a good rate over 5 years, for the sake of a couple of months saving - even if you crack on and complete by September the lender might come up with an excuse to withdraw.