Signed wrong agreement - Can anyone help?

fry

Hi All

To cut a long story short my 2 year fixed rate mortgage was coming to and end on 31/12/07 and my options were limited because I was on a self cert mortgage. My mortgage payment was £640 and I had 2 options left with my current mortgage company "Mortgage Express".

The first was a fixed rate that gave me a payment of £800 per month and the second a tracker that gave me a payment of £765. I was undecided and time was running out. An interest change of one quarter percent would change the payment by £35 thus making one increase the equivalent of the fixed. I had no idea what to do so I decided to go for the tracker.

Here's where it went wrong!!! The paperwork was identical (yes call me a fool!) and I have just recently found out I signed and sent the wrong one back and ended up on the fixed rate?!?!?!?

Call me a fool again, but does anyone think I can get out of this and go for the option I intended without penalty, which is 5% and represents about £7K!!!

I sent the forms back on the Friday before xmas and thought nothing more of it until I recently got a letter informing me of the deal I had undertaken.

Well.....call me a fool for a third time but does anyone have any ideas?? Should I bother at all trying to explain my error. Will it do any good?? Is the deal I've mistakenly ended up on OK (rate @ 6.59%).

I'm fed up.......any suggestions gratefully received and thanks for reading my rant!!

dweeby

fry wrote: »

call me a fool!

Ok. Fool!

I think that had you cottoned on earlier, you could probably have changed it. However, once the deal has gone through and the paperwork processed (which it will have been by now), I think you're knackered.

But as they say "it's always worth asking". Apart from your self esteem, you've nothing to loose and everything to gain by making the call. I'd call them!

fry

I guess you're right but I live in vain hope!!!

MuDvAyNeX

Sorry to hear about that, i work for Mortgage Express and can inform you that they would not allow you to change your product at such a late date.

You would have had 14 days from when the forms were returned, also i am not sure why you had both offers as its supose to be a policy that we only send out 1 offer per cutomer unless they are being very pushy and demand 2.

Dan_Collins_2

No offence but I have found out this week that MX make up rules as they go along!