Lloyds adding 2 months extra to my 2 year fix duration - losing out!!!

Cash_Cow

That's really great news. Thanks. 

Cash_Cow

GrubbyGirl_2 said:

It's perfectly normal to have a fixed end date that isn't exactly 2 years from the start date, you'll find quite a few savings accounts that that have a fixed date to end regardless of the start date.

I'm afraid you can't blame Lloyds for you not reading the T&Cs and it certainly looks from what you posted above that they told you the end date.  If interest rates were going up you'd be very happy that your fix was 2 months longer than you thought.  At lest the B of E have indicated they won't be going down again any time soon.

Sorry but when I get sold a product that is headlined as a 2 year fix I don't find it perfectly normal that this means 2 years plus 2 months.  I understand you have seen this before but I haven't seen it at all in many mortgages over 40 years. In any other circumstance that could be miss-selling. But I had my back to the wall and a deadline to sign it and get off punitive variable rate.

It is also at odds with this demands and needs - but I get it its all on me...



HOWEVER - thanks to the top tip here I have a mortgage review appointment booked for start of Jan and they will let me transfer 3 months before the 2yrs +2 months extended end.  That's pretty fair and good business to tie me into them too.  All good!

saajan_12

Cash_Cow said:

GrubbyGirl_2 said:

It's perfectly normal to have a fixed end date that isn't exactly 2 years from the start date, you'll find quite a few savings accounts that that have a fixed date to end regardless of the start date.

I'm afraid you can't blame Lloyds for you not reading the T&Cs and it certainly looks from what you posted above that they told you the end date.  If interest rates were going up you'd be very happy that your fix was 2 months longer than you thought.  At lest the B of E have indicated they won't be going down again any time soon.

Sorry but when I get sold a product that is headlined as a 2 year fix I don't find it perfectly normal that this means 2 years plus 2 months.  I understand you have seen this before but I haven't seen it at all in many mortgages over 40 years. In any other circumstance that could be miss-selling. But I had my back to the wall and a deadline to sign it and get off punitive variable rate.

It is also at odds with this demands and needs - but I get it its all on me...

But you're not just buying off a headline, you were advised by a solicitor and are shown the actual offer terms including a start and end date before agreeing to exchange and draw down the mortgage. At that point, the headline becomes irrelevant and if you didn't like the actual terms you could pull out. If you continue, then you've agreed to that and the result is as expected. 

The demands and needs doesn't really contradict it either.. it says you don't NEED payments to be fixed beyond 2 years (ie the fixed term should be at least 2 years) but it doesn't say that you need payments to be variable after that. 

Cash_Cow

No solicitor involved as per assumption. I still consider it slippery especially if my stated NEEDS are overridden but its irrelevant now as they are being quite decent about it and no point me repeating previous points esp as my pov will remain the same

amnblog

I believe they will not allow a transfer until 1st March based on a reservation made in February.

A rate reservation made in January will be for 1st May start only.

Check before you waste time with an 'appointment'.

Cash_Cow

Thanks. I was led to believe on the phone we can get it set for the anniversary date of exactly 2yrs but when we set that may be important. Thanks for the advice again.