Bank pretending that our 10yr fixed is up in a month (a few years early), should we go along?

[kagome05w]

Just curious what people's thought are. Right now their interest rates are worse than they were (3.6 when we fixed) and there is word that ECB will reduce rates soon but everything is so uncertain, who knows what will happen in 6 months let alone 3 years.

Also there are better alternatives out there to our banks fixed offering but they'd probably shamelessly remember that we have 3 more years fixed if we try and transfer our mortgage to Avant for instance.

Also should we report them to financial regulator for this chicanery?

Thinking now is just tell them to shove it, wait for the 3 more years and then go elsewhere as the simplest option but its a big decision so...

 

[asurfpro]

@kagome05w Hey, this is a bit confusing. You believe you're fixed for ten years but they've written to say the rate is up now after just seven years?

This is either an error now or there was an error at the point of fixing seven years ago. I doubt anyone is pretending anything

Have you retained any paperwork from your last fix in 2017? If not, you should request it from BOI and confirm how your rate was set up at the time. I wouldn't be surprised if the 10 and 7 year fixed rates at the time were identical and you may have been put on an incorrect term

 

[kagome05w]

@asurfpro I have the paperwork and looked at it a few hours ago,it says period of 120 months from late 2017. It is to become variable again/lose its fixed status in late 2027. No idea what the bank are up to but they (and the rest of them) have more than proved that they're capable of screwing customers over. See people forced to drop their trackers, over charged on mortgages etc.

 

[3dbm]

@kagome05w Well why don’t you contact the bank and ask them? It could be an error which can easily be rectified. Why go straight to the nuclear option?

 

[kagome05w]

@3dbm Fair enough, that was the most likely plan but it just seems like such an odd mistake to make on their part that just happens to be at the point when mortgages are at their most expensive.

 

[sparrowhawk1161]

@kagome05w So why would you go along with it then?

 

[seth504]

@kagome05w But you haven't even talked to them? Just contact them and tell them you contract says 120 months, full stop.

 

[noneedtoknowme]

@seth504 Op is trying to work out if there is an option rearing its head here that may work in his favour. I doubt there is but worth asking people

 

[truthspoon]

@kagome05w

just happens to be at the point when mortgages are at their most expensive.

Six months ago?

 

[baboo]

@kagome05w Don’t ascribe to malice that which can be explained by stupidity

 

[sunnylady1]

@baboo You can easily make a formal complaint if necessary - the bank will definitely explain everything to you. If you feel you've been wronged after that you can go to the Ombudsman. Going to the regulator isn't the right first step. They'll most likely tell you to engage with the back firstly.

 

[asurfpro]

@kagome05w So you suspect the bank is chancing their arms in spite of the contract in your possession? I think a quick call to the bank in the time it took you to post on reddit might have been the answer here

 

[aurora_borealis]

@kagome05w Why is this been downvoted!? OP is been genuine with their discussion.