Notification of discount end....what discount?

tightasaducksbackside

Have today received a letter from our mortgage provider Bradford & Bingley which has thrown us into turmoil. It states that when we took out our current mortgage deal (back in 2000) the interest rate on the initial phase of the mortgage would change when the promotional period ends being (March 2010), therefore we would be paying extra each month.
Have contacted B&B today and they state we have been on a discounted rate up till March 2010. Firstly, the mortgage we took out was a self build advance payment set up by Accelerator (now Build Store) with Bradford & Bingley. Secondly, we have all paperwork concerning this mortgage non of which shows any discounted rates.
We have never changed from the Accelerator mortgage that was in place initially and every annual statement shows a variable rate of interest above the Bank of Englands base rate.
Wondered whether this has happened to anyone else and any advice on how to proceed would be gratefully received.

dunstonh

You phone them up on Monday and ask them.

hillcats

What was your promotional period rate then, and was this same rate for the full 10 years? What does your Key Facts document state about the existing rate charged and the follow-on rate that will be charged after the promotional period?

tightasaducksbackside

Would just like to point out that the Accelerator mortgage was for a self build.
The paperwork we have states.... The B&B's normal lending criteria applies to this mortgage. During the build interest is charged at standard variable rate (currently 6.85% at that time) and then on completion of your property you have the option of taking one of their competitive product rates..... From the onset of this mortgage we have never looked to alter it.