When does a fixed term mortgage end: x years after the loan offer date, or x years after draw down?

[tcna]

We had a 5 year fixed mortgage with UB which we didn’t draw down until February 2019.

UB sold that loan to PTSB who are now saying that the fixed term is up next month but I wasn’t expecting it to be until February next year, I.e. 5 years after draw down.

Our original loan offer did make a vague reference to September this year but I assumed that was based on the loan starting on the same date as the offer.

 

[bessymarf]

@tcna Drawdown.

 

[jayleen]

@tcna My BOI fixed rate ended exactly on the date of draw down + number of fixed years, to the exact day. I guess your original offer specified a fixed date, and if I recall correctly, my loan offer always mentioned the number of years fixed. Or it could be some issue which happened between UB and PTSB transfer.

 

[kurama]

@tcna The fixed term of a mortgage is counted from the date of drawdown not of application

 

[e123]

@tcna Fixed rate period runs from draw down date, but if you drew down in February 2018, your 5 year fixed period would have expired approx 6 months ago, in Feb 2023.... Are you sure about the dates involved here? Or do you mean Feb 2019 as original draw down date?

 

[tcna]

@e123 Ah, apologies. You’re correct, I meant 2019. Will edit to reflect

 

[resjudicata]

@tcna Now I don’t know what to believe.