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fixed term mortgage rate
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Can anyone give any advice on this? (Im trying to locate my original files at the moment but all my stuff is in boxes at 2 houses)
I bought a propery in 2002. I made an offer on the place in the january and got my mortgage arranged. I paid a �500 cost to fix a rate for the mortgage. The sale of the property was not finalised until may 2001 as there were a few problems with surveys and lease queries.
Anyway the money from the mortgage company was issed to my solicitor on the 2nd may 2001 and i have paid everything without trouble.
Yesterday though i received a letter from Abbey (mortgage company) stating that my fixed period had run out and that i now have a tracker mortgage (i thought variable would be the norm after a term ended)
Is this right? Can they class the anniversary as the jan rather than the May?
As soon as i find my original papers i shall call them but wondered what anyone thought in the meantime.
I am putting the property on market next month as it has hardly been used for 2 years so i dont want another fixed agreement but wondered why Im on a tracker now?
I bought a propery in 2002. I made an offer on the place in the january and got my mortgage arranged. I paid a �500 cost to fix a rate for the mortgage. The sale of the property was not finalised until may 2001 as there were a few problems with surveys and lease queries.
Anyway the money from the mortgage company was issed to my solicitor on the 2nd may 2001 and i have paid everything without trouble.
Yesterday though i received a letter from Abbey (mortgage company) stating that my fixed period had run out and that i now have a tracker mortgage (i thought variable would be the norm after a term ended)
Is this right? Can they class the anniversary as the jan rather than the May?
As soon as i find my original papers i shall call them but wondered what anyone thought in the meantime.
I am putting the property on market next month as it has hardly been used for 2 years so i dont want another fixed agreement but wondered why Im on a tracker now?
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Abbeys mortgage offers are usually to a set date, such as 1st January and don't usually run for a set time from completion, such as 2 years. They will switch you to their standard variable rate at the end of the fixed rate and this pretty much tracks the Bank of England base rate. Have a look at the mortgage market with a mortgage adviser and see what's out there.
thanks everclean,
The fixed rate i took was a 5 year fixed, not stated to a date.
They have now without any other contact, written to say that from Jan I am now on a tracker rate, not even a variable.
Im not looking to start a new fixed term rate as i hope to either sell or rent the property out within the next few months.
The fixed rate i took was a 5 year fixed, not stated to a date.
They have now without any other contact, written to say that from Jan I am now on a tracker rate, not even a variable.
Im not looking to start a new fixed term rate as i hope to either sell or rent the property out within the next few months.
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