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Fixed rate fiasco?
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Specky2
Posts: 1 Newbie
Can someone please help? I have a fixed rate until August 2008 with Lloyds TSB. They sent me my mortgage statement and have increased my payments twice. When I've queried this, they've said its only the interest rate that is fixed, not the payments. It's nothing to do with insurance, apparently, it's to do with ensuring I can pay off the sum by the end of the term.
I'm on a 50/50 repayment, interest only. I don't understand. If I have a fixed rate, surely my payments will remain the same for the period?
Am I being flannelled????
0
Comments
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Did you have any fees added to the loan?
SOmetimes fees added to the loan are at the SVR, and so if rates change, that part of the payment will change alsoI 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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