Rage against the mortgage company! Advice?

cfcboy

Ok, need to blow off some steem here ! :mad:

Took my mortgage out with livingstone mortgages (used Victoria Mortgages as a broker) in Feb 2007 on a 6% 3 year fixed rate.

My original contract stated I would have to finish paying in June 2010, im guessing this is a extended offer period due to being on a sub prime deal?.

Back in September 09 I recieved a letter from Livingstone stating my mortgage would be going to 3% above LIBOR variable rate at the end of FEB 10, the same happened a couple of months later. Great I thought, mortgage gets slashed in half, i can finally get some of my debts paid off and then re-mortgage back onto a fixed rate when the interest rates start picking up .

So today I decided to give them a call, make sure everything is cool and could they confirm what my rate would be coming down to next month. Then...:eek: "ermm sorry Sir, it seems we have made a massive mistake and your mortgage wont actually be coming down until the end of June 2010, please accept our aplogies", "oh and it also seems your mortgage was for only 2 years and 11 months", oh and while we are here, we arent actually sure whats going on, we need to get someone to review it"!

Rage, rage, rage, rage, RAGE !!!!! Where do i stand on this guys, ive made financial provisions that my mortgage will be slashed in half next month and now im being told it was a mistake and it wont happen for another 5 months!! I always assumed that 3 year fixed was exactly that.. 3 years of payment on a fixed rate

Also confused as to why they are stating its 2 years 11 months, i dont actually think they know what they are doing.. they have not only confused the life out of me but made me extremley angry

beecher2

No, a 3 years fix isn't exactly that - they'll often be a few months extra. Sounds like they don't know what they're doing and that their systems are telling them two different things regarding the date your deal ends. Your initial contract does say end of June though so you maybe should've checked up when you got the contradictory letter through. You might be lucky - did they tell you when someone would get back to you?

cfcboy

The contract almost contradicts itself.

There is a sections where it states "this fixed term will run for 2 years and 11 months and after that you will go onto our SVR". In a section further on its states the mortgage will end June 10.

They said they were putting it through thier comlaints procedure and "see what they coudl internally" ( i threatened to take it to FSA if not ).
They will right to me and get something out in two working days so I guess I go from there.

beecher2

Sounds odd. Have you contacted the broker who organised it? Good luck with sorting it out - hopefully you've got a good chance of them sorting it out.

cfcboy

Not very likely, they went bust

"A British mortgage lender which offers loans to people with poor credit histories has gone into administration.
Victoria Mortgages said its funding had been "removed", becoming one of the first UK victims of the credit squeeze caused by worries over sub-prime loans"