Getting in a mess with Mortage Express

bex***

Could do with some advice here please...

Bought a property in 2006 I think the mortgage was orginally with GMAC interest only, we then were swapped over to mortage express think GMAC sold off some of their mortgages.

We moved house the end of 2008 porting our mortgage and at the same time borrowing a bit more.

Today we have recieved a cheque and a letter telling us that due to administrative error the additional money we borrowed has been operating on the incorrect interest rate since Dec 2008.

I also believe this additional amount to be now out of its fixed period and running on the libor rate of 2.7% and my original loan to be on a variable rate of 4.7% (this was originally fixed for 2 years from 2006).

How do I work out if this refund is really mine to spend and if I am now on a the correct interest rates?

I am also told by MX I can not get another fixed rate I would have to swap to a different mortage company?

sindygirl58

dont worry about a new fix. M express are not offering any more mortages, do nothing and they will keep you on the SVR fron now on, its great, as my payments tumbled when my fix ended with them. over a year ago! Current fixes with other lenders are a lot more, over 5.4 ish.

Thrugelmir

bex*** wrote: »

How do I work out if this refund is really mine to spend and if I am now on a the correct interest rates?

Accept the fact that it is correct. I would suggest using it to reduce your mortgage balance.

Mortgage Express is part of Bradford & Bingley which was nationalised by the Government.

B&B are actively encouraging borrowers to move away. Here's a link to the website.

http://consumer.bbg.co.uk/homeowners/find-a-better-deal.aspx

As applying via B&B means that you can access a mortgage broker without incurring fees.