Fixed mortgage due to expire

Chelseals123

Hi all 
I have a mortgage with platform with a 2 year fix coming to an end 30th April. In February we applied for the new fixed deal along with a mortgage advance (we've been chasing them since January back and forth phone appointments etc) They are now saying that everything is on hold until April 16th which is fine, but what happens with my rate ending? I had asked them and they couldn't tell me at all. The deal is currently 1.69% so how would that compare in money wise with the standard rate? I'm worried it will be alot more and I'll have to pay a huge amount each month until it's sorted, which could be some time. Thanks 

clairebeth

Their standard rate should be on the website.  You could use their mortgage calculator to see how much you will be paying. 

Hopefully it will all be sorted before the 30th though?

Chelseals123

Great I'll check the website. I don't think so because they need to revalue the house which is why it's on hold. I'm keeping my fingers crossed they could do it remotely 

Detsul

The situation I have is an already arranged remortgage due at the end of March - due to the current situation I have been sent a letter from the new bank’s solicitors saying the advance to pay off my current mortgage may be delayed and that they can’t be held responsible for any costs. 

If the advance is not received my current mortgage defaults to the bank’s standard rate costing me hundreds a month due to the increase in repayment amount. Do I have any rights? Is the new lender in breach of contract for example? 

Any help would be appreciated.

Thrugelmir

There's no breach of contract as the new lender didn't specify a time frame in the offer you were made and accepted.