When is a 4 year fix not a 4 year fix?

ecco66

When it's an Abbey mortgage.

My current deal ends on 25 October, so on 25 June I called to see what new rates they could offer me. The best was a 4 year fix at 4.99% albeit with a hefty £799 booking fee.

Lo and behold, I receive the paperwork to convert the mortgage and the expiration date is 3 August 2013 - two months earlier than it should be.

I've just had a long conversation with Abbey and they won't budge saying that this was the expiration date of the wholesale funds they'd bought and if I want a later date I will have to cancel this and start all over again, but can only offer me a 2 year fix at 4.99%.

I pointed out that this was mis-selling but they were having none of it. It's really not on - as I pointed out to them they'd soon come down on me with a ton of bricks if I had misled them on any material fact :mad:

_Andy_

There is no 'mis-selling'- you agreed to it when you signed it. Nearly all fixed rates are like this, i.e. they have a specific end date.
They haven't 'mis-led' you - it was detailed on your KFI and mortgage offer letter.

happybroker

the package would have been better described as a rate of 4.99% fixed until 3/8/2013 admittedly but I don't see you getting anywhere with a mis-selling claim...sorry

_Andy_

Their current deals are quite open about it, I suspect it was the same case when you chose the mortgage -

http://www.abbey.com/csgs/Satellite?canal=CABBEYCOM&cid=1195845566872&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

ecco66

_Andy_ wrote: »

There is no 'mis-selling'- you agreed to it when you signed it. Nearly all fixed rates are like this, i.e. they have a specific end date.
They haven't 'mis-led' you - it was detailed on your KFI and mortgage offer letter.

Err, I haven't signed anything. I was told I could have a 4 year fix "which will convert on 25 October" and to post date my cheque to 24 October.

So you don't think that is misleading? I do - even the lady I spoke to this morning at Abbey agreed and said it should have been made clear at the time.

I was offered one thing over the telephone and received a written offer which was different.

That is misleading.

ecco66

happybroker wrote: »

the package would have been better described as a rate of 4.99% fixed until 3/8/2013 admittedly but I don't see you getting anywhere with a mis-selling claim...sorry

I'm not claiming anything, I am just annoyed to be told one thing to receive another. It's simply not right.

ecco66

_Andy_ wrote: »

Their current deals are quite open about it, I suspect it was the same case when you chose the mortgage -

http://www.abbey.com/csgs/Satellite?canal=CABBEYCOM&cid=1195845566872&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_TemplateW2

Well they weren't open about it over the phone - I don't see why I should have to go to their website to check facts when I was speaking to someone on the telephone who could have told me that.

_Andy_

Just to clarify - did you not receive a KFI or any paperwork regarding it?

unite79

Abbey told you to send a post dated cheque - thought that was illegal!

happybroker

_Andy_ wrote: »

Just to clarify - did you not receive a KFI or any paperwork regarding it?

it's the paperwork that has come through that contradicts what has been said over the telephone by the look of things. I can see why the OP is annoyed but it's a bit of a lost cause unfortunately.

I doubt any advice was given, Abbey seem to be really struggling with the quality of work they do at the moment and the conversation I had with a a regional manager yesterday indicated that the more experienced staff that work there have now had any discretion they had taken away from from them....they don't pay too well and as the old adage goes "you pay peanuts you get monkeys".

ecco66

_Andy_ wrote: »

Just to clarify - did you not receive a KFI or any paperwork regarding it?

They offered to do it over the telephone but I asked for the paperwork - which is what I have received along with the KFI.

My point is what they offered me over the telephone was not the written offer I received.

I fully understand how fixed rates are funded, and that this expires on the date given no matter what I do, but I feel strongly that they should have told me this when they made the verbal offer.