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mortgage payment drop
sniffercat
Posts: 20 Forumite
Hi, we have a mortgage with MAS NO5 and so far our payments ahve dropped twice since coming off the fixed rate deal. I just wanted to ask that why does it take two monthe for the discount to take affect.
We had a letter on 12th june telling us that the interest rate will reduce to 4.05% per annum on 16 june 09, but the new monthly payment will not drop until 1st august 09.
Am i not reading it right because surely if the drop is this month then the payment should reduce this month, or is there something i am missing.
Any advise is greatly appreciated.
thanks
We had a letter on 12th june telling us that the interest rate will reduce to 4.05% per annum on 16 june 09, but the new monthly payment will not drop until 1st august 09.
Am i not reading it right because surely if the drop is this month then the payment should reduce this month, or is there something i am missing.
Any advise is greatly appreciated.
thanks
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