My Fixed Rate Mortgage Interest Rate Went Down!?

shortchanged_2

tylerdurdenk wrote: »

OK, let's assume I'm not an idiot.

What are my rights if they have made a mistake?

That I don't know I'm afraid. Probably they will be able to get the money back from you.

I'm sure there are others on here who would be able to properly answer that for you.

tylerdurdenk

Sorry, I'm not sure how I can be any clearer.

I am still paying 5.19% on my 10 year fixed rate.

I am only paying 2.50% on my new 3 Year fixed rate, (this should be 4.09%).

Okay, if they have made an error, what are my options?

1. Ring them, and make them aware they have made an error, so they put my rate up?

2. Wait it out and see what happens.

What are my best and worst possible outcomes for the second option?

tylerdurdenk

Does anyone have anything else to add?

_Andy_

I like turtles.

tylerdurdenk

How interesting tell me more....

_Andy_

OK well here's a crazy idea - ring your mortgage provider and ask what's going on

tylerdurdenk

That is crazy, as it will almost certainly end with them putting my rate up.

_Andy_

Well what do you suggest then? Spend days speculating with strangers on a web forum?

tylerdurdenk

I was hoping for someone to come along and say something like this:

Helpful_Stranger_on_a_web_forum wrote:

Well if the mortgage provider has started taking money on these terms then they have to stick to it

Then provide me with some kind of proof of this.

What I am doing is sitting tight, hoping they don't notice until the 3 years fixed is up, whilst putting the difference into a savings account just in case.

happycamel_2

Yes, at least save the difference. You are bound by a contract with them and they can rectify the mistake at any time until the contract ends (ie all the money is paid back not just that the rate changes).

Your annual mortgage statement should make things clearer if you don't want to contact them in the interim.