C & g fixed rate mortgages - warning

buddenk

If you have a fixed rate mortgage with the C&G you may wish to check exactly when it finishes. I took out a 2 YR FIXED mortgage at 6.1% in Oct 2008 and expected it to finish this year. However, when I rang to confirm they informed that it ACTUALLY finishes in Feb 2011 - so it was actually a 2 yr 4 month fixed rate, which is conveniently in the banks favour!! I rang to complain and they admitted after listening to our conversation that it was clearly advertised and sold as a two yr fixed rate. However they said that the paperwork that followed indicated Feb 2011 was the closing date under the sub account details. I said this was extremely misleading, to which they agreed and informed me that they have now changed their procedures. They have offered to reduced the ERC from 2% to 1% but AGAIN this is in their favour. I have now taken to the financial ombusman. In my case, at todays rates, I will be worst of by approx £1200 but for others this could be a lot higher. Has anyone else experienced this problem?

beecher2

Every fixed rate has been similar. It is very clear in the documents you receive - I can't see how you have a case. Would you be saying the same if your mortgage was ending while interest rates were climbing? Swings and roundabouts and you're extremely lucky that they've cut the ERC.

dunstonh

so it was actually a 2 yr 4 month fixed rate, which is conveniently in the banks favour!!

Daft comment. If the rates were higher then you would be hoping it would last longer and you would benefit. Would you be whining then?

I rang to complain

what a waste of time.

they admitted after listening to our conversation that it was clearly advertised and sold as a two yr fixed rate.

as are all fixed rate mortgages and have been for decades.

They have offered to reduced the ERC from 2% to 1% but AGAIN this is in their favour.

Leaving it at 2% is in their favour and you are damned lucky to get it reduced to 1%. I certainly wouldnt have offered that.

I have now taken to the financial ombusman.

even more waste of money.

Whats your complaint going to be? Dear FOS, i cant read but I want to blame the bank for that.

I'm sorry that I am being harsh in my response but there is nothing wrong here and you are just kicking up a stink because of your own failings.

Lloyds are fobbing you off as well as they continue to market fixed rates the same way they always have and everyone else has. They are just trying to get rid of you as a complaint as you are turning into a time waster and drain on resources.

Wutang_2

buddenk wrote: »

If you have a fixed rate mortgage with the C&G you may wish to check exactly when it finishes. I took out a 2 YR FIXED mortgage at 6.1% in Oct 2008 and expected it to finish this year. However, when I rang to confirm they informed that it ACTUALLY finishes in Feb 2011 - so it was actually a 2 yr 4 month fixed rate, which is conveniently in the banks favour!! I rang to complain and they admitted after listening to our conversation that it was clearly advertised and sold as a two yr fixed rate. However they said that the paperwork that followed indicated Feb 2011 was the closing date under the sub account details. I said this was extremely misleading, to which they agreed and informed me that they have now changed their procedures. They have offered to reduced the ERC from 2% to 1% but AGAIN this is in their favour. I have now taken to the financial ombusman. In my case, at todays rates, I will be worst of by approx £1200 but for others this could be a lot higher. Has anyone else experienced this problem?

Thank you - I will consider myself warned: When I don't read my mortgage documents I too will be off to the ombudsman.

Wutang_2

dunstonh wrote: »

whats your complaint going to be? Dear fos, i cant read but i want to blame the bank for that.
.

brilliant!!!!

Harry_Powell

I should also consider taking your school English Literature teacher and, if you wear them, your optician to court. Clearly they have also had a hand in you not being able to read your mortgage T&C's correctly.

_Andy_

You may also be able to claim from the manufacturers of the pen you used to sign the mortgage offer (i.e. the one that clearly stated the end date)

busybee100

:embarasse

Forum Etiquette

Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps.

Bx

VIGILANT22

Oh what humour guys...dunstonh....you are so, so funny today...!

buddenk

　
Thank you for all your comments however sarcastic they may be. I have had my account with the C&G for 17 yrs and this was the fifth deal. All the others started and finished on the exact month they were taken out. I clearly fell into the trap of ‘assumption’. The deal was advertised as a 2 yr fixed rate, so please tell me, when did 24 months start equating to 28 months? There are advertising laws to protect the general public from misleading campaigns, which this clearly was. It is a matter of principle. 6.1% is still a good rate compared to previous years, I have been happy to continue with this deal. In response to your comment Andy, I did not have to sign a new agreement because as an existing customer it simply done over the telephone. The C&G have retracted the original conversation and admitted liability for selling it as a two year fixed rate. The letter I received was simply a confirmation of my new payment with no new terms and conditions. I am happy to have constructive criticism however, as my first post, I am see that it is simply a forum of sarcasm not polite responses. I know of course this is not the case for all concerned, it is just sadly my only experience . PS Just seen note from busy bee - thank you.

beecher2

You didn't get a copy of the mortgage offer posted out to you? You wouldn't have to sign it, but it should have been sent out to you, and as this is your 5th deal you'd surely know that?

A lot of what you're saying simply doesn't add up to be honest.

If you look at C&G's website (or any other lender's), you'll see that fixed rates still don't run for 2 years exactly - present 2 year deals at C&G run out in March 2011.