E
efwren
Guest
I took out a mortgage last year, I got a offered a special low 1 year fixed rate with my bank, which then switches to a tracker rate after 12 Months.
The letter of offer from the bank, specified the exact rate for the first 12 Months together with the amount to be paid each Month.
I signed the letter and sent it back.
By the time my mortgage closed and was drawn down, the ecb rates had gone up. As a result the bank are charging me a different fixed rate than was offered and signed on in the offer letter, i.e. they have added 50 or 60 quid a month to my repayments.
Can they do this?, is this normal.
I woudl have thought that once a get a formal offer and sign on it, the fixed amount and rate contained in the letter should be honoured by the bank.
Thanks
The letter of offer from the bank, specified the exact rate for the first 12 Months together with the amount to be paid each Month.
I signed the letter and sent it back.
By the time my mortgage closed and was drawn down, the ecb rates had gone up. As a result the bank are charging me a different fixed rate than was offered and signed on in the offer letter, i.e. they have added 50 or 60 quid a month to my repayments.
Can they do this?, is this normal.
I woudl have thought that once a get a formal offer and sign on it, the fixed amount and rate contained in the letter should be honoured by the bank.
Thanks