fixed rate confusion

chimpy200

Back in March 2008 we remortgaged with a fixed 2 year deal, according to my way of thinking this is 24 months. Phoned mortgage provider today to see what rate we will be on and they said that the fixed deal was in place till june 2010. The reason given was that when we took this deal it was not available to new customers until june 2008 and as an existing customer we had the deal early (march). This was not explained to us at the time, surely this is misleading as it is a fixed deal for 27 months not 24. Any advice on this matter will be greatly appreciated as we are not happy with the service we are getting from the 'bloodsuckers' and can't wait to change. Thanks.

VIGILANT22

would they still have been bloodsuckers if the rate had gone up?.....

Refer to yr KFI that was issued to you by the people you have borrowed money from

chimpy200

Sorry what is KFI?

VIGILANT22

The paperwork issued to you when you got yr mortgage, it is 6 pages and says on the front page "about this mortgage"..then it explains everything about yr mortgage

chimpy200

Sorry had a senior moment then, i will look through KFI

Squish_21

Hmm this should have been clearly explained to you when you took the mortgage out - crafty beggars!
Is it hidden in your paperwork somewhere? If not, I dunno how they'd inforce it?!

chimpy200

Its not the first time they've misled us, a few months back we bought a run down house to renovate and before buying called to ask if we could carry any shortfall from the sale of existing property over to new mortgage on other property to which they said it was possible. After buying house and putting ours up for sale they then told us we needed to pay full amount back and couldn't carry over any shortfall. Not a major issue (cut into renovation budget) but annoyed at the misleading info.

Thrugelmir

Squish_21 wrote: »

Hmm this should have been clearly explained to you when you took the mortgage out - crafty beggars!
Is it hidden in your paperwork somewhere? If not, I dunno how they'd inforce it?!

As has been said previously, what if variable rates were now higher........

VIGILANT22

Maybe a lesson here to use an advisor..

chimpy200

If they were higher then so be it, just don't like the way they operate. It wasn't advertised as a 2year 3month fixed deal.

Thrugelmir

chimpy200 wrote: »

If they were higher then so be it, just don't like the way they operate. It wasn't advertised as a 2year 3month fixed deal.

Your lender probably didn't want the administrative inconveniance of dealing with 500 mortgage deals that ended on different dates. Far easy to administer from their perspective, and maintain on the system.

If you had bothered to read the KFI you could have declined the mortgage offer. So why complain about the way they operate some 2 years later.