5 year fixed mortgage, now only 4 years 4 months due to Covid!

kYuZz

I was offered a 5 year fixed mortgage in November 2019. Back then, the offer included a fixed rate until March 2025 and the completion of my new build flat was due in June 2020. This means that effectively I would have enjoyed 4 years and 9 months of fixed rate, which I considered acceptable given that I was offered a generous fixed rate of 1.66%.

Because of Covid, the completion is now due in November 2020. However the end of the fixed rate didn't slide too. It's remained the same, which means that I will enjoy only 4 years and 4 months.

I talked to my broker and he said that for me to be on 5 years of fixed rate, I'd have to switch to another offer. However, the best fixed rate he could find me was 1.95%, which is worse than my current offer.

I think this is unfair. I'll be on a fixed rate for a shorter period than I envisaged at the beginning and it's not my fault.

Does anybody know if there's a way to get around this?

Matt_ftb

I doubt it without switching products, sometimes people end up with slightly more and sometimes less. 

It may not be your fault but the delay of new builds is common even without COVID and it’s certainly not your lenders fault.

ACG

It is not the banks fault either. Sorry to be brutal, but life is unfair. 

You have your options, there is nothing anyone can do about it. 

dimbo61

Simple really just put the mortgage payment each month into a savings account and overpay by the amount you have saved once you move in.
So if your mortgage payment was £1,000 a month just overpay by 5X £1,000 when you move in.

getmore4less

You were not offered a 5 year product, you were offered a product that runs to  March 2025, 

In Nov 2019 that was a 5y 4month product.

There are products that start the 5 years from the date you drawdown but many are to a fixed date these days