2 year fixed mortgage that is actually 27 months ?
Discussion
Don't they (the lender) have to clearly say the expiry date of the product ? Its not clear at all on the documentation I have (the offer) - I lodged a formal complaint with them because if I'm buying a two year product, I expect it to be just that, 24 months. That's the whole point of a fixed term contract isn't it ?
C&G offers are pretty straightforward and uniform.
Look at section 2 Description of this mortgage.
It will tell you in the last paragraph of that section what basis the rate is on
i.e "A fixed rate of XYZ% until 31 October 2010, followed by the standard variable rate"
Then look at section 4.
It'll say what your first monthly payment will be
then x monthly payments at a fixed rate of XYZ
followed by
xmonthly payments at a variable rate
2 year fixed rates fromthe likes of C&G usually are not for 24 months,they instead have a fixed end date. so your rate might last 22 months form completion, or as in your case longer.
Look at section 2 Description of this mortgage.
It will tell you in the last paragraph of that section what basis the rate is on
i.e "A fixed rate of XYZ% until 31 October 2010, followed by the standard variable rate"
Then look at section 4.
It'll say what your first monthly payment will be
then x monthly payments at a fixed rate of XYZ
followed by
xmonthly payments at a variable rate
2 year fixed rates fromthe likes of C&G usually are not for 24 months,they instead have a fixed end date. so your rate might last 22 months form completion, or as in your case longer.
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