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mortgage and fixed rate.
jwalker777
Posts: 4 Newbie
hi i have just come out of a fixed rate mortgage where i thought that i was meant to be paying a fixed rate per month, but my lender kept changing the payments i was to pay each month, and when i questioned this to them and pointed out that is not what i signed up for, they told me it was to do with the libor rate changing on a monthly basis.
can someone tell me if they can do this, even as i have written evidence as to what i was meant to be paying each month on the fixed rate mortgage
can someone tell me if they can do this, even as i have written evidence as to what i was meant to be paying each month on the fixed rate mortgage
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It sounds like they think you were on a fixed percentage above LIBOR rather than just a fixed percentage. What does your paperwork actually say?0
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You had a fixed rate but it finished. Now you track LIBOR (not necessarily a bad thing although the last few months haven't been great). You should be free to leave and get another fixed rate.
However, judging by the fact that you have reverted to LIBOR I'm going to assume you're with a bit of a specialist lender, possibly due to self cert or adverse. As such you may not be able to remortgage.
What's your situation?The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
the mortgage application form states it is a capital and interest fixed rate of 7.14% with and end date of 3/120
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What does the offer letter say?I am a Mortgage Adviser
You 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 -
jwalker777 wrote: »the mortgage application form states it is a capital and interest fixed rate of 7.14% with and end date of 3/12
We're in 5/12 now yes? Are you saying that your payments increased during the supposed fixed period?The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0 -
yes the payments have been increased during the fixed period0
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jwalker777 wrote: »the mortgage application form states it is a capital and interest fixed rate of 7.14% with and end date of 3/12
What does the mortgage offer say, not the application form.
Which lender is it?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
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