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How long is a three year mortgage.
derryone
Posts: 12 Forumite
Hi
Coming to the end of a ridiculous 3 year fixed of 7.49 interest only. Only noticing in paperwork now that our mortgage term seems to be slightly over 3 years, or so it seems to me.
We made our first payment plus other interest on 14th Nov 2008, then another at end of Dec 2008 and at end of each month since then. Now Halifax have dent a letter stating that our deal doesn't end till 31st Dec 2011.
Seems like this is a month extra. Maybe I'm wrong but any help would be really appreciated.
Coming to the end of a ridiculous 3 year fixed of 7.49 interest only. Only noticing in paperwork now that our mortgage term seems to be slightly over 3 years, or so it seems to me.
We made our first payment plus other interest on 14th Nov 2008, then another at end of Dec 2008 and at end of each month since then. Now Halifax have dent a letter stating that our deal doesn't end till 31st Dec 2011.
Seems like this is a month extra. Maybe I'm wrong but any help would be really appreciated.
0
Comments
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Some lenders will offer a fixed rate of 3 years from date of completion, others will offer a fixed until xx/xx/20xx
This would have been stated in your mortgage offer.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks. Yes that date is noted in the offer. Didnt look close enough at the time. Cunning way to get more money if you ask me. Not really a 3 year fixed.0
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Nothing cunning about it. Clearly detailed in the paperwork. Lenders will allocate funds for set periods.
If rates had doubled you would be grateful of the extra month or so.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Cunning way to get more money if you ask me. Not really a 3 year fixed.
From a lenders point of view. Far easier to have all mortgages on a given product to end on the same date. So some people have over the period term and some shorter.
If the interest rate was to your advantage would you be complaining?0 -
Thrugelmir wrote: »From a lenders point of view. Far easier to have all mortgages on a given product to end on the same date. So some people have over the period term and some shorter.
If the interest rate was to your advantage would you be complaining?
No. Thanks for replies.0
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