Help with mortgage fixed rate term

kempstersmith

Good afternoon everyone.

My wife and I took out a 5 year fixed term mortgage with the Portman building society on our part buy part rent home back in 2005.

There were a lot of land registry issues that weren't resolved until January of 2007. The Portman extended the offer of our mortgage up until this was recitified and now Nationwide (who brought out Portman last year) have said to us that our fixed rate expires in July this year.

Are they correct in saying that the fixed rate was kept from 2005 instead of moving to 2007 when we officialy started the mortgage properly???

Any help or advice would be greatly appreciated

happybroker

the rate expiry will be as per the terms of your offer letter, if it said fixed for 5 years then it should be fixed for 5 years, if it says fixed until a certain date then that will stand regardless of when you completed on the loan I'm afraid.

have a really careful read of the offer letter itself, take it in to the Nationwide for advice if you are still unsure.

kempstersmith

Thanks, I think the paperwork states 2010 but we thought that as the offer had been extended then the 5 year fixed would have moved to when it started properly in 2007