Fixed Term Mortgages

sharonw247

Hi

I'm a little confused about my partners mortgage with the Halifax. He currently has a tracker mortgage which commenced in April 2008 and is paying a very low interest rate, however the Halifax have told him that this rate expires in Nov 09 as he originally applied for the mortgage in Nov 07 but it took 5 months for the house sale to complete.

I find this confusing as I had a mortgage with the Halifax back in 2004 and as my house purchase was also taking a long time, the wrote to me and said that deal was no longer available and offered me the next best thing that I was tied into for 2 years from the date I started the mortgage. I cannot understand why they are only allowing him 19 months as opposed to 24.

Is this right? I am very sceptical myself as I'm sure if he was on a high interest rate and had an ERP tied into it they would make him stay with them until April 2010 after 2 years of having the mortgage.

Can banks really change the terms to suit them or can they offer a 2 year rate from the date it's applied for?

beecher

If you look at the mortgage offer you'll see when it was due to end. That'll be the date which your partner agreed for the deal to end.

I've never had a deal which ends exactly after 2/3/5 years while I've been with the Halifax. If you have a look at their deals available at them moment, the rate ends on 31 October - if you book that deal that'll be the date it ends regardless of when you move house.