When should my 2 year fixed mortgage repayment have started?

dubham

Hi all,

So basically in July 2016 we had received a 2 year fixed mortgage rate offer from the bank. We were told the offer was only valid until December 2016, however due to some complications we were able to get an extension until Feb 2017. Long story short, we got everything sorted by then and started paying off the mortgage as of March 2018.

However, the original terms of the contract we received in July 2016 stated that the 2 year fixed rate would begin in Oct 2016 and end in Oct 2018. So my question is, because we officially agreed to the offer in Feb 2017 and start paying in March 2017, shouldn't that mean we get a revised fixed interest end date of March 2019? Or is it a case of regardless of when we agreed to the offer, the terms in the original contract remain unless a new contract is set out?

I was going to contact the bank directly regarding this, but thought it would be best to get my facts straight before making a fool of myself :laugh:

thanks in advance.

kingstreet

Was this product fixed for two years from completion, or until a fixed end date, such as 31/10/2018?

It varies from lender to lender, so you'll need to check with yours.

dubham

That is the question that unfortunately I don't have a definitive answer to. I would presume the latter because I have recently been notified by them that the interest will increase to the standard variable rate in October. Saying that, however, my presumption is based on the view that surely the bank couldn't have got this wrong?

Guess the only way to find out is to contact them directly.

Thanks for the help anyways!

kingstreet

The illustrations, your mortgage offer and your annual mortgage statement will all show the mortgage rate and the end date, or number of month/years remaining.

Many lenders issue products with fixed ends dates - Halifax, Santander, NatWest, Barclays, Virgin Money.

Nationwide and Precise for example, issue for xx months from completion.