mortgage payments not reduce

banwen

Hi not sure if this is the right place to ask for help and advice but here goes, my mortgage company mortgage express didn’t reduce my monthly payment when the interest rates fell several years ago. After trying to find some answers on the internet about why this would happen I came across the article about halifax having to pay back 500 million to customers when they didn't reduce the interest rates. I wonder if this is the same that's happening to me and is there other mortgage express customers in the same predicament.

shortchanged_2

Firstly are you on a fixed rate deal?
If not then you probably reverted to their SVR, which is a rate set by the lender. A rate that they can set at whatever they so wish and is generally not directly tied to the Bank of England base rate.

What rate are you currently paying?

banwen

Hi thanks for the reply. No I'm not on a fixed rate deal that ran out last year sometime I'm not sure what rate I'm currently paying I think its about the 5% range my monthly premium hasn't increased or decreased. After I found out about halifax I thought that mortgage express might be doing something naughty. Thanks for all your help it looks like I'll have to re-mortgage then.

opinions4u

It might be worth establishing what rate of interest you're actually paying before remortgaging.

Mortgage Express have a lot of low base rate trackers on their books.

Thrugelmir

Unfortunately the Halifax issue has no bearing on your personal circumstances. The Halifax's issue was down to poor administration.