trapped in 2 year fixed 27months

frazell

Richey_ wrote: »

If you are staying with Santander won't they let you remortgage early? When our fix was coming to an end they offered us a good offer 4-5 months early to refix and stay with them. It was around 1% cheaper that LLoyds group were offering. May be worth a phone call.

We decided we want to extend our property so need a proper remortgage with additional borrowing. Not sure a retention deal allows that.

frazell

kingstreet wrote: »

Questions - did you buy with advice, or select your own product? Did you see an illustration? Did you receive your mortgage offer?

Without wishing to hijack, I secured the mortgage via a broker. The broker issued me with a KFI quote which says 24month term.

We received an offer and I assume that the offer stated 27months, but being honest I haven't checked the paperwork. Santander told me on the phone there was a 3month "buffer" and this is supported by the end date shown on my last statement.

I suppose its just that you get a "2 year" deal in your mind and you think that its 24months.

kingstreet

I could only see that happening if there was a change of lender, for example a Nationwide product was first illustrated but the Santander product was then viewed as superior prior to application.

I can't ever remember a Santander fixed rate that didn't have a fixed end date, not a number of months/years from completion.

I don't know what this buffer thing is about. Santander products always have a fixed end date and this may be more or less than two years, as that will be determined by when completion takes place.

frazell

The telephone operator described it as an initial 3 month period to see if you like the rate. Haha. I'm not sure what happens if you don't like the rate...... you leave and they hit you with an ERC probably!