Can I trust agreement that my mortgage will drop to base rate plus 2%? | Money | guardian.co.uk
Q I have a buy-to-let mortgage. It is on a fixed rate of 4.99%, and is due to expire in May 2011. When I took out the mortgage in May 2008, the paperwork that accompanied it said quite clearly that upon expiry of the fixed rate, the rate payable would revert to the Bank of England base rate plus 2%.
My question is, how reliable is this? Is this kind of agreement worth the paper it is written on? In my experience, financial firms of all kinds will try to weasel out of any deal that doesn't suit them, and clearly if the base rate remains at 0.5%, this kind of deal would not be attractive to them. How likely is the mortgage company to simply do what they said in the initial paperwork? PD
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