If the contract states that you were to go on to a standard variable rate I don’t think you will have a case. The other EBS fixed rate contracts state that the mortgage rate is to move to a variable base rate at the end of the fixed term.Thank you for your response
It is a Standard Variable Rate, on the contract.
Just quoting fixed rate form.
I/We understand that when the fixed rate period has expired the loan will convert to the applicable variable rate then prevailing. The variable interest rate basis will be specified in the loan offer issued by the End.
On the letter "issue of loan cheque" it says VARIABLE BASE RATE. It doesn't explain what this means.
Should I send a photo of this document to the ombudsman?
Looking forward to hearing your reply
This is a point I have made in the variable base thread; EBS mortgage conditions & the fixed rate application form state the variable rate basis (e.g. ECB + 1.25% or SVR) is included in the loan offer but it is not included in the variable base rate offers.Jennybaby & b26354
it says in jennybabys doucument that
'The variable interest rate basis will be specified in the loan offer issued by the End.'
Does this not mean it should have a rate stated when they drawndown the loan ( 'drawdown' =end' ) in the loan drawndown document?
i.e. variable interest rate basis will be specified in the loan offer issued by the End ----- means tha loan offer should actually state the tracker rate i.e. ecb + 1.25
and the prevailing rate is the ' variable interest rate basis specified in the loan offer' plus the ecb rate?
I am reading this as a tracker loan offer - but I am not expert?
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