My mortgage payments are DECREASING

captainhaggis

I've just been caught completely off guard by a letter from my mortgage lender on one of my properties.

They've said the mortgage deal I'm currently on ended on 1st March - this was an SVR deal following the end of my fixed rate deal a year or so ago - and that I'll switch to a new SVR currently at 2.5% and my payments will drop by about £100.00 a month.....

I'm at a loss. A happy loss. But a loss.

Morgage_Confused

Write them a letter of complaint and contact the FOS. There must be some way you can claim compensation. Its just not sensible in these financial times to reduce your mortgage interest.;)

Idiophreak

Weird, I just made a similar discovery, about 5 mins ago. I was anticipating dropping onto nationwide's SVR in a couple of months - 3.99%, but it turns out I may drop onto their BMR - 2.5% instead. I'll save £100+, too. Bonus!

opinions4u

Use the saving wisely.

Reduce other debts. Overpay the mortgage.

Prepare for the inevitable time when rates do rise again!