Northern Rock - Miss-sold Fixed rate deal - advice required

stuzyk_2

Hi all.

Just looking for some advice really, In early 2006 we took out a Northern Rock mortgage which was clearly advertised as a 3 YEAR FLEXI FIXED mortgage, however something does not add up.

We have been paying our fixed rate now since March 2006 giving us to date 26 payments at 5.19%, leaving us 10 more fixed rate payments to make taking us up until Feb09 totalling 36 months (3 years)
We have now received a letter from Northern Rock saying that our fixed rate is to end on 1st July 2008 giving us just 2 more months of our fixed rate deal that we signed up for. This will give us a total of just 28 months at fixed rate and not 36 months as advertised in the product name of this mortgage.:eek:
After phoning Northern Rock for advice we were told that the rate expires on July 1st 2008 which we feel is a completely miss-sold product , the product that we got was clearly called a 3 year flexi fixed mortgage to give us the piece of mind of a fixed rate for 3 years, this is the only reason that we decided on Northern Rock to supply our mortgage. If we knew that the product would actually expire after 28 months we would not have signed up for the deal.

Can anybody help ?? What should we do ?:mad:

Thanks
Stu

meanmachine_2

What does it say on the original paperwork?

If it says 28 months, that's what you signed up for.

If it says 36 months then NR have made an error.

To be honest, I'd be glad to move away from NR as soon as, with their hopelessly uncompetitive deals. I wouldn't get mad about it.

money_maker_3

Do you have a copy of the original agreement? If not ask them for a copy, it will have the exact date on it. If it is there then really you should have read it before you signed for it, if its not there, then put in writing that you feel it was mis-sold and see what happens.

UK007BullDog

First of all find your documents and read the smallprint.

I suspect that the product was called a 3 year fixed however it went on fixed dates and not when you exchanged. How long did it take for your mortgage to go through?

I bet if you read the KFI it will give you a date when it expires as July 2008.

But to be 100% sure have a look at your paperwork you got from the lender or the broker. If you went with a broker ask them to check.

dunstonh

Many (if not most?) fixed rate mortgages have an expiry date at a fixed point and not from the commencement of your mortgage.

If your application to completion was slow you could find some of the 3 years used up before the mortgage started.

Prudent

I had one of these mortgages on the five year fixed option. The fixed rate ended 5 years to the day after it had started. The dates are clearly detailed in the original documents that I got when I took out the mortgage.

Dan_Collins_2

As previoulsy said, NR dont start the 2,3 or any fixed or tracker period fom completion. They will set a date. This date will be clearly stated on your mortgage offer and KFI.

If it took 6-8 months to complete from application you may well have eaten in to it. Also you may applied 2 months in to that 3 year deal. Check the docs and let us know!