Hi
After a long wait have received our mortgage approval letter from NIB, we're in the last year of a fixed mortgage and only realised (as we've just got sale agreed on our house) we never got our copy of the mortgage agreement, anyway received it today. A couple of questions:
1)The mortgage approval letter doesn't state the length of our fixed term
just says it's fixed should it not say the number of years we've fixed for?
2) It states in the fixed rate section that if we end the mortgage early during the fixed term we need to pay the lesser of:
After a long wait have received our mortgage approval letter from NIB, we're in the last year of a fixed mortgage and only realised (as we've just got sale agreed on our house) we never got our copy of the mortgage agreement, anyway received it today. A couple of questions:
1)The mortgage approval letter doesn't state the length of our fixed term
just says it's fixed should it not say the number of years we've fixed for?
2) It states in the fixed rate section that if we end the mortgage early during the fixed term we need to pay the lesser of:
- 6 months interest at the current facility rate on the remaining capital or
- the cost to the bank' the cost being the cost to the bank of funding the loan versus the return to them on reinvesting the repaid amount.