In 2006 when we took out a mortgage with FA now UB, we fixed for 2yrs (no option of a tracker then to us)
In 2008 we recieving a letter from FA saying that our mortgage would revert back to a variable rate of x, if we did nothing about it.
We were also given fixed rate options at the time and so we fixed our mortgage for 5 years at a high interest rate.
Since then I have look back over our original loan offer from 2006 and it says that our mortgage would revert to ECB + 1.15% after 2yr fixed rate!
We were not made aware of this option in 2008 and we hadn't read our loan offer.
I have quered this with the bank and they have sent me a letter saying that the ecb +1.15% was superseded because we fixed for 5 years. The letter also said that after these 5yrs are up, the mortgage will revert to ecb +2.15%. Should I take this?
I have asked the bank to clarify why I am being offered ecb +2.15% now? I feel we were not given correct information in 2008 about our rate options. Any advise or have you been in a similar situation
In 2008 we recieving a letter from FA saying that our mortgage would revert back to a variable rate of x, if we did nothing about it.
We were also given fixed rate options at the time and so we fixed our mortgage for 5 years at a high interest rate.
Since then I have look back over our original loan offer from 2006 and it says that our mortgage would revert to ECB + 1.15% after 2yr fixed rate!
We were not made aware of this option in 2008 and we hadn't read our loan offer.
I have quered this with the bank and they have sent me a letter saying that the ecb +1.15% was superseded because we fixed for 5 years. The letter also said that after these 5yrs are up, the mortgage will revert to ecb +2.15%. Should I take this?
I have asked the bank to clarify why I am being offered ecb +2.15% now? I feel we were not given correct information in 2008 about our rate options. Any advise or have you been in a similar situation