Fixed rate ending sooner than expected

Jmoo

Hello

We visited a mortgage advisor ahead of buying our house in November 2021 and finally got the go-ahead for the house and mortgage in May 2022.

We assumed it gave us the two year fixed rate breathing space up until May 2024, but the paperwork sent by Leeds Building Society suggests it'll expire in February.

We can't work out why it's that date given we didn't move until May, and didn't sign up then either. The mortgage adviser seemed to agree that's the date and was surprised by it, but couldn't offer any explination. 

Anyone know if we can argue it or is that final? 

housebuyer143

Your mortgage advisor couldn't offer an explanation??? Leeds always do fixed end dates, so you will always get more or less than 2 years depending when you redeem it. 
This will have been obvious on the product and on the mortgage offer 

Nailer99

You might be able to extend this by changing your mortgage product. Many lenders will issue a fixed rate deal for 2 years from the date of mortgage offer. New mortgage product: new offer and new deal end date. 

Talk to your broker! They should know all this and also know if there might be a new lower rate they could transfer you onto. 

Nailer99

Sorry. Just noticed your dates are 2022 not 2023! No, you can’t change this; and yes, it is normal. 

MWT

Jmoo said:

We can't work out why it's that date given we didn't move until May, and didn't sign up then either. The mortgage adviser seemed to agree that's the date and was surprised by it, but couldn't offer any explination.

Find a better broker another time if they can't answer a simple question like that.

The end date would have been disclosed in the product information, but you probably didn't notice it with everything else going on at the time.

It isn't something you can argue about now though.

dunstonh

We assumed it gave us the two year fixed rate breathing space up until May 2024, but the paperwork sent by Leeds Building Society suggests it'll expire in February.

Technically, there is no such thing as a 2 year or 5 year fixed rate mortgage.  They are all marketed as such but in reality the fixes are to a defined date.   If you get in early on the launch of the deal and complete quickly, you can actually get longer than 2 years.  If you are late to get the mortgage advanced, you can be many months short of two years.

The mortgage adviser seemed to agree that's the date and was surprised by it, but couldn't offer any explination. 

Sorry but your mortgage adviser is either a trainee or lazy.     That is really basic core knowledge needed to do the role.

Anyone know if we can argue it or is that final? 

It is final.  It is exactly how it it meant to work (other than your clueless mortgage adviser)

Jmoo

Thanks all. Saves me a call. No wonder he tried to skirt around the issue!