Two year lock in is actually 2 years 3 months??

e3422j

Hi everyone,

I'm new to this site and hoping someone could please advise me.

We have our mortgage with Santander, Abbey as was. We locked in with them for a 2 year period in August 2009, which we assumed would end in August 2011. We have since found out that in fact we're tied in with them until November 2011 as the clock doesn't start ticking on the two year tie in period until the bank stops selling that particular mortgage product. Is this right?? I am sure it is somewhere in the small print but our attention was never drawn to it. It is an issue for us right now as we have agreed a sale on our house and in the process of buying another. I know we should have double checked exactly when our lock in ended before we found ourselves in this position, but is there anything we can do about it right now? I know one option is to port the deal onto the new property and get a top up mortgage product, but there are beter deals out there with other lenders.

Any advice would be greatly appreciated.

Many thanks,

Emma.

kingstreet

Mortgage deals are for fixed periods from completion, or have fixed end dates. For example, Nationwide offers products for two years or five years from completion.

Other deals have fixed end dates, like the Halifax current fix at 3.39% until 31/08/2013.

What you took out may have had a fixed end date, rather than a set period. Check your key facts illustration and mortgage offer.

Abbey has always used fixed dates, IIRC.

kingstreet

Looking at the current Abbey products, just to muddy the waters, their trackers are fixed period from completion, while the fixed rates have set end dates, 2 September.