Confused by Duration of Fixed Rate offered by Ulster Bank

G

GreenQueen

Registered User
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Can anyone advise?

Ulster Bank are offering 3 x fixed rates on their website. Standard 1, 3 & 5 Year rates. But I don't understand that they say fixed rate until:

1 Year - 31st December 2011
3 Year - 31st December 2012
5 Year - 31st December 2014

Does this mean that if I fix my mortgage at say their 1 year rate on 1st May 2010, I will be on that fixed rate until 31st December 2011. Isn't that more than 1 year/12 repayments?

Apologies if it's a dumb question.
 
Thank you, sorry I apologise I should have said 2, 3 & 5 year fixed rates.

After a long phone call with the bank this morning I can confirm that they do not actually offer 2/3 or 5 year fixed rate mortgages. They offer a general term of approximately 2, 3 or 5 years until a set date - set out on the mortgage contract.

So for example if I were to fix my mortgage today for 2 years, my rate would expire close to December 2011. Which is actually less than 2 years.
 
its what a lot of the uk banks do and especially their parent bank RBS.
they issue new rates on a specific date and the rate is at its maximum term from that date.
so the date those rates were issued, they were actually what they said on the tin, but as time moves along the term reduces on them no matter when you sign up to them.
 
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