2 year fixed rate deal ending?

alexduff

Hi,

We completed on our purchase of our first house in October 2008. Our first payment was made in November which was double our normal monthly payment. Are we right to believe that after 22 monthly payments our fixed rate should end and we should go onto the SVR?

In our mortgage agreement it assumes our first monthly payment would not be until Januray 2009 and then says 22 monthly payments after this? Surely this means we would be paying for 2 years 3 months and not the stated 2 year fixed deal

Help or advice please

opinions4u

Who's the lender?

Most lenders will state an expiry date for a fixed rate (e.g. 30th November 2010) although a few will state an exact period of time ... e.g. 2 years from completion.

A 2 year fix that ends 2 years and 3 months after the commencement of the mortgage is not unusual.

Your key facts letter and mortgage offer will confirm what you signed up to.