Query - Fixed Rate Mortgage Term

annodomini2

Hello all, my first post on here so please be gentle!

I tried searching but with no success so if something like this has been posted before I apologise.

Can someone please offer me some advice before I speak to my lender as I have some concerns about the current mortgage I have with them.

Basically I have a fixed rate mortgage from when we first purchased the house, we just received the annual statement and have noticed that the fixed rate term ends 3months before what I would have expected on a 3 year fixed rate, which I would assume would begin on the completion date of the purchase or money transfer??

Now the purchase was delayed due to uncontrollable circumstances and the sale took over 5 months to complete (exchanged typical 2weeks before).

What I want to know is are they trying it on and do I have a leg to stand on when I speak to them? Or is this something they are perfectly entitled to do ?

Many thanks

Anno

NeilQuinn

Some lenders have fixed rates that last for a complete number of years (Nationwide for example). That is - your rate is fixed for 3 years from the date you moved into the house.

Most lenders have a rate that is fixed until a certain date (sounds like you've got this). Sometimes it can work out that your rate is fixed for 3 years & 2 months, sometimes it just so happens that your rate is fixed for 2 years & 10 months, depending on when you actually moved in.

For example, Halifax are advertising a 2 year fixed rate @ 5.79%......it's actually fixed until 30.04.2010 so if you completed on it next week, you'd be getting it for 2 yrs & 3 months.