What determines mortgage conditions ?

DAR1_2

Hi

I have a discounted mortgage that has just ended. I took it out on 12 December 2007 where the sales literature described it as a 2 year discount. The mortgage offer is quite specific that the discount ends on 31 December 2009.

The company has charged me the increased interest from 12 December last month.

My assumption is the mortgage offer is the defining document (sales documents are as the names suggest a sales overview). My line of argument is going to be "the mortgage I signed up to was based on the detailed mortgage offer where it is quite specific that the offer ended on 31 December".

Would this be a correct interpretation and anything else I should be aware of before going back to them. I am sure they are going to try and wriggle which is what I want to get my line of argument right at the outset.

Thanks David

VIGILANT22

So it was for 2 yrs and 19 days....

The mortgage offer would be subject to the date of completion, you have stated your mortgage commenced 12th Dec 07 and interest changed 12th Dec 09...in my calculations that is 2 yrs!

dimbo61

How much extra interest have you paid over the 19 days you are fighting over ?
You would be better spending your time either looking for a new deal with another lender or your existing one or taking a whole review of all your spending via Martin website

MortgagePerson

If it clearly states the 2 year fix rate finishes on 29th December then 12th December is incorrect Very rarely is a fixed term, "exact". I have arranged a 2 year fixed rate (24 months) Where the actual fixed months are infact only 23

This is fairly standard situation The Key Facts illistration will clearly state this

A good mortgage broker should point this out

happybroker

quite often the kfi and mortgage offer will state that an assumption is made that the mortgage starts on the 1st of the following month, hence the statement that the fixed rate ends on last day of the previous month.

this will be in section 6 I believe.