Mortgage

DT99

Had a 2 year fixed mortgage, which ran out last month. Trying to remortage with another lender, but takes some time. The currect lender has doubled the rate to 9.5% without consent, is that legal? Mis selling financial products maybe? any thoughts welcome. DT

DE_612183

when the fixed rate runs out you revert to Standard Variable Rate - they have not doubled the rate - it's just what you would pay if you did not have a discount for two years.

Check your mortgage documentation - this will confirm it - and you would have probably signed it as well.

Mis-selling? I'd be surprised...

Hoenir

Not mis selling. As your mortgage contract will state that the interest rate will default to the lenders SVR. If you planned to remortgage. Then you should have started the process much earlier then the switch would have been seamless. 

FlorayG

No that's their standard rate which you move onto once the deal you had finishes.
Next time start looking for a remortgage deal six months before your deal runs out

penners324

You can rate switch with your current lender today.

If you're remortgaging you need to start 2 to 3 months before your deal runs out.

DT99

thank you all. i've been useless oin this, but apprecaite all your comments x

Hoenir

DT99 said:

thank you all. i've been useless oin this, but apprecaite all your comments x

Make a diary note to remind yourself next time. 

DE_612183

DT99 said:

thank you all. i've been useless oin this, but apprecaite all your comments x

usually the bank / building society will remind you - mine does.

saajan_12

Do check your current lender's offers too - they might be able to switch into a new fixed rate quicker if the borrowing isn't going up and they don't want to re-survey. Might also have lower fees as a result.