Interest Rate going up on a Fixed Rate Mortgage?

Furballs

Hi all,

I'm looking for some advice before I call the Bank who provides my Mortgage.
We've recently re-mortgaged on a fixed deal for 5 years and a few days ago I received a letter explaining that the interest rate on our mortgage will be increasing by 0.25%

I am a bit perplexed as we explained to the Mortgage adviser that we require a fixed rate mortgage only and we have the PDF files where she accepts this and then we were offered a fixed rate mortgage. 
The letter states that some or all of your mortgage is on a variable rate deal yet this was never agreed per video call.

So,
A. Can a bank change a fixed rate deal if the cost of lending has increased?
B. With said PDF files of the mortgage adviser agreeing to what myself and my partner asked for, would we have a case to speak with the Financial ombudsman?

Thank you all in advance.

MorningcoffeeIV

Sounds a simple error.

Your rate won't go up on a fix, only a tracker or variable. No need to go to FOS.

Furballs

MorningcoffeeIV said:

Sounds a simple error.

Your rate won't go up on a fix, only a tracker or variable. No need to go to FOS.

Thank you. I'll call them tomorrow just to confirm and ensure my DD does not rise. 

ACG

Were you on a variable rate? 
Chances are it could just be an overlap if so. 

Furballs

We were not, one fixed rate straight onto another due t everything going up. We wanted to know where we stood each month.

housebuyer143

Have you got the KFI doc the broker would have given you to show which rate you were signing up to?
If that's fixed then you have nothing to worry about as that's proof what you signed up to.

Some of your mortgage will always be on a variable rate on the documents because after the fixed, it will revert to the SVR.

MattMattMattUK

Have you checked your are actually on a fixed rate now, the actual paperwork you recieved for the mortgage, rather than just a PDF of a chat log, not a tracker or variable product?

Furballs

I have all the paperwork. 
The recommendation letter that states we have been offered a fixed rate product that means our interest rate will not change during the fixed rate period. 
Then goes on to tell us that after the 5 year rate what the interest rate will be and that after 5 years we go on to the standard variable rate. 
The paperwork goes on the tell us that the offer remains valid till the 13th December 2022. After that date, it may change in line with Market conditions.

I also have another batch of paperwork that tells us when the bank can change the "lender variable rate" 

The new payment is due to kick in on the 1st May. 
I may be reading this wrong but the bank it seems have taken the chance to raise the rate before our new fixed rate kicks in. (Mortgage is going up £20 per month)

Either way, What I signed up to was a 5 year fixed deal at 4.45%

Thoughts.

Furballs

housebuyer143 said:

Have you got the KFI doc the broker would have given you to show which rate you were signing up to?
If that's fixed then you have nothing to worry about as that's proof what you signed up to.

Some of your mortgage will always be on a variable rate on the documents because after the fixed, it will revert to the SVR.

I do. But as my response above. I understand that after the 5 year term we would switch to the SVR but it seems a caveat here is the "Lender Variable rate" which I believe they've snuck in just before our new mortgage kicks in. 

Typhoon2000

Are remortgaging ( new lender) or doing a product switch with the same lender. If the latter, you have the offer letter but did you actually accept the offer? And if so, do you have acknowledged of your acceptance from the lender confirming that that you have been signed up to the new fixed rate?

born_again

Furballs said:

I have all the paperwork. 
The recommendation letter that states we have been offered a fixed rate product that means our interest rate will not change during the fixed rate period. 
Then goes on to tell us that after the 5 year rate what the interest rate will be and that after 5 years we go on to the standard variable rate. 
The paperwork goes on the tell us that the offer remains valid till the 13th December 2022. After that date, it may change in line with Market conditions.

I also have another batch of paperwork that tells us when the bank can change the "lender variable rate" 

The new payment is due to kick in on the 1st May. 
I may be reading this wrong but the bank it seems have taken the chance to raise the rate before our new fixed rate kicks in. (Mortgage is going up £20 per month)

Either way, What I signed up to was a 5 year fixed deal at 4.45%

Thoughts.

Is that a typo & should be 2023?