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
The variable base rate thread in here explains how that rate is a tracker rate. There were obviously fixed rate contracts that had an SVR as the variable basis and others that had a tracker as the underlying variable basis i.e. variable base rate.