2 year fix that doesn't last for 2 years

boots_babe

Hello,

I'm after advice/opinions on my mortgage. On 20th June 2003 we took out a 2 year fix with Abbey National.

I've had this date etched in my mind, and planned to start looking to remortage in about April, 2 months before the 2 year fix ran out.

Today, by chance, I came across my most recent mortgage statement. Although I had read through this when it arrived, I noticed it stated the end date was 3rd May 2005, and not 19th June as I'd expected.

I've rung them up to enquire, and they basically told me that the 2 yr fix has it's own end date, regardless of when you took out your mortgage. This seems rather unfair to me, as I'm not getting what I signed up for. If I hadn't have just happened to look at my statement, I would have left it too late to remortgage before the SVR kicked in, luckily this won't happen now as I can set the wheels in motion straightaway.

Has anyone else had a similar experience? Does anyone with more knowledge know if this is allowed, as it seems to me like false advertising? After all, a 2 year fix should last for two years in my book!

Thanks

brannyrhino_2

Quite common really and just goes to show you still have to read the small print to make sure you know what your getting.

boots_babe

Thanks brannyrhino, makes me feel a bit better to know that it is more widespread. I usually read every last T&C of anything I sign up to, so can't understand how this slipped past me. I'm about to remortgage so I'll not fall for the same trick again!