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HSBC fixed rate ending
glenm32
Posts: 4 Newbie
Hi everyone,
Me and the OH took out a 5 year fixed rate mortgage on 24th August 2007 (day we moved in). we have just received notification that the fixed rate is ending (woohoo, mortgage drops £200 a month). BUT the date on the letter says that it changes on 31st august.
According my calculations 5 years is 24th August 2012 not 31st. so does anyone know why i would be paying the old interest rate for 7 extra days?
any and all help would be appreciated.
Glenm32
Me and the OH took out a 5 year fixed rate mortgage on 24th August 2007 (day we moved in). we have just received notification that the fixed rate is ending (woohoo, mortgage drops £200 a month). BUT the date on the letter says that it changes on 31st august.
According my calculations 5 years is 24th August 2012 not 31st. so does anyone know why i would be paying the old interest rate for 7 extra days?
any and all help would be appreciated.
Glenm32
0
Comments
-
Mortgage rates these dates have a fixed end date, not 5 yrs anniversary. Its easier for the lender to bulk mail customers when renewal dates are due.
Your offer will state this.0 -
Systems are geared to work to month end for administration purposes. Calculation of interest or changes in interest rate for example.0
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