C & g fixed rate mortgages - warning

dunstonh

There are advertising laws to protect the general public from misleading campaigns, which this clearly was.

No it wasnt. Fixed terms are allowed to be rounded to a specific date. It is impossible to get a fixed 2 years as your mortgage will not complete on the exact date the mortgage deal expires. Some people may take 1 month to complete, others 3 months.

The C&G have retracted the original conversation and admitted liability for selling it as a two year fixed rate.

Thats because they have no spine and cant be bothered to continue your complaint or the person you spoke to is a trainee and doesnt know what they are talking about (not an uncommon position). A lot of complaints without foundation get fobbed off like this. They will continue to advertise them the same way they always have as its not possible to have an exact term due to the nature of funding.

new_home_owner_3

usually with the threat of the ombudsman the banks will give you what you want if they are wrong, i had a problem woth consent to let, they told me when i took the mortgage out if i decided to rent in the future i would pay a one off fee, and the percentage wouldnt go up, however 2 months into the mortgage they changed it.

I then applied for consent to let, they told me if i got it in by a certain date i wouldnt get the percentage rise and they would honour the deal i had agreed with them.

Anyway they started to drag it out and then said if i wanted to get consent i would have to pay 1 percent on top of my current deal, i pointed out the terms they sent me was from 2007 and they hadnt informed me of.any changes.

Anyway after a few phone calls and letters and threats to use the financial ombudsman they backed down and offered me the original deal, they even said because it was in my first twelve months of taking a new mortgage i couldnt get consent to let, i told them i wasnt told this when i took the mortgage out and there wasnt anything in the terms.

Basically what im saying is these banks will try anything to get that extra penny from you, but if your in the right a threat from contacting the financial ombudsman can get you a result.

I even got a compensation of 100 pound for my complaint, so in the end it was worth all the hassle.

new_home_owner_3

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?

you would be 1200 pound worse off now, but if you would have finished in oct 2010 like you say your deal would have finished this amount would be a lot smaller, as you would be finishing 5 months before the end.

Plus if you was on 6.1 percent 2 years ago it says to me you never had a good deposit, have you got a large ltv now, if not you might be grateful of 6.1 percent

_Andy_

new_home_owner wrote: »

but if your in the right a threat from contacting the financial ombudsman can get you a result.
.

But the OP demonstrably isn't in the right.