Lifetime tracker mortgage nightmare.

amibeingrippedoff_2

I have just been advised by the bank of Scotland that my Lifetime tracker mortgage is coming to an end, what the hell?:mad:

The bank says that the lifetime tracker i took out was only to last for 6 years! Why did i expect that this was to last for the lifetime of the Mortgage. It is just about to double in monthly costs:mad:

I have searched everywhere to find out what a lifetime tracker mortgage is and all i see is that its for the lifetime of the mortgage at % above base rate. Why does mine only last for 6 years.

please help anyone

TrickyDicky101

You need to check your mortgage agreement which would have been provided at the time you took out the mortgage. The relevant term and details should be contained in there.

To me, 'lifetime' means life of the mortgage until full term maturity, not just a portion of the term.

katejo

amibeingrippedoff wrote: »

I have just been advised by the bank of Scotland that my Lifetime tracker mortgage is coming to an end, what the hell?:mad:

The bank says that the lifetime tracker i took out was only to last for 6 years! Why did i expect that this was to last for the lifetime of the Mortgage. It is just about to double in monthly costs:mad:

I have searched everywhere to find out what a lifetime tracker mortgage is and all i see is that its for the lifetime of the mortgage at % above base rate. Why does mine only last for 6 years.

please help anyone

I have had my lifetime base rate tracker for 7 years with the Woolwich/Barclays and I have not received anything to say otherwise. Will look at doc to check wording when I am home. Is the letter definitely from the lender and not from a broker? I did once get a letter from my broker to say that my lifetime mortgage was for 2 or 3 years.