Mortgage term lower than agreed with the lender

kokolino23

BarelySentientAI said:

kokolino23 said:

Phoenix72 said:

kokolino23 said:

BarelySentientAI said:

Very normal.

Fixed rates are often fixed until a particular date (like yours is to 31/08/2024) and not for a particular amount of months.

If you applied for a product fixed until 31 August, that's exactly what you got.

I didn't apply for a product fixed until that date, my application was for 2 years and the offer was for that period. Because the completion was done in October 2022, the mortgage should be for 2 years from that date IMO.

But you have already said the mortgage offer was fixed rate until 31/8/24.....so your 'IMO' is based on what exactly?

2 years term mentioned on the Mortgage Offer 

So you want to be held to 22 months at the low fixed rate, then 2 months at the ~8% SVR that the Mortgage Offer states?

I don't think you do.

You've got confused between the title of the deal and the actual terms of the deal.  Look at the product again - "Fixed until 31/08/2024" - that is exactly what they have done.  This is normal.  Sometimes it lines up a little bit longer than name, sometimes shorter.  This time around, check what you are actually signing.

The amount borrowed was all I've got left on my mortgage so I was expecting to pay it off not to be left with 2 extra payments.

BarelySentientAI

kokolino23 said:

BarelySentientAI said:

kokolino23 said:

Phoenix72 said:

kokolino23 said:

BarelySentientAI said:

Very normal.

Fixed rates are often fixed until a particular date (like yours is to 31/08/2024) and not for a particular amount of months.

If you applied for a product fixed until 31 August, that's exactly what you got.

I didn't apply for a product fixed until that date, my application was for 2 years and the offer was for that period. Because the completion was done in October 2022, the mortgage should be for 2 years from that date IMO.

But you have already said the mortgage offer was fixed rate until 31/8/24.....so your 'IMO' is based on what exactly?

2 years term mentioned on the Mortgage Offer 

So you want to be held to 22 months at the low fixed rate, then 2 months at the ~8% SVR that the Mortgage Offer states?

I don't think you do.

You've got confused between the title of the deal and the actual terms of the deal.  Look at the product again - "Fixed until 31/08/2024" - that is exactly what they have done.  This is normal.  Sometimes it lines up a little bit longer than name, sometimes shorter.  This time around, check what you are actually signing.

The amount borrowed was all I've got left on my mortgage so I was expecting to pay it off not to be left with 2 extra payments.

But there aren't 2 extra payments.

There are 24 payments.  Just like you thought there would be when you signed up.  The interest rate of those payments is fixed until 31/08/2024 and then not fixed afterwards.  Just like the thing you signed and described here said.

MWT

kokolino23 said:

BarelySentientAI said:

kokolino23 said:

Phoenix72 said:

kokolino23 said:

BarelySentientAI said:

Very normal.

Fixed rates are often fixed until a particular date (like yours is to 31/08/2024) and not for a particular amount of months.

If you applied for a product fixed until 31 August, that's exactly what you got.

I didn't apply for a product fixed until that date, my application was for 2 years and the offer was for that period. Because the completion was done in October 2022, the mortgage should be for 2 years from that date IMO.

But you have already said the mortgage offer was fixed rate until 31/8/24.....so your 'IMO' is based on what exactly?

2 years term mentioned on the Mortgage Offer 

So you want to be held to 22 months at the low fixed rate, then 2 months at the ~8% SVR that the Mortgage Offer states?

I don't think you do.

You've got confused between the title of the deal and the actual terms of the deal.  Look at the product again - "Fixed until 31/08/2024" - that is exactly what they have done.  This is normal.  Sometimes it lines up a little bit longer than name, sometimes shorter.  This time around, check what you are actually signing.

The amount borrowed was all I've got left on my mortgage so I was expecting to pay it off not to be left with 2 extra payments.

No matter how you look at it, the end date for the fixed rate was clear.

kokolino23

Hoenir said:

Out of curiosity what was the date of your mortgage offer? 

29 April 2022
Completion was done on 04 October 2022

Phoenix72

kokolino23 said:

Hoenir said:

Out of curiosity what was the date of your mortgage offer? 

29 April 2022
Completion was done on 04 October 2022

Any reason it took that long?

dunstonh

I didn't apply for a product fixed until that date,

Yes you did.    Fixed rate mortgages are to a defined date.  Not a period.   However, they are allowed to marketed with rounding.   A lender may have a 5 year fixed rate at launch that is 5 years and 2 months and will pull it when its 4 years and 10 months.  If the mortgage is advanced early, you get more than 5 years and if its advanced late, you get less than 5 years.     That is the way it has always been.