Just a short(ish) one…
Took out our mortgage as a three year fixed deal, which reverted to a Base Mortgage Rate (BMR) which is 2% above BofE rate.
We went in to discuss our options and they suggested we sign up to a 2yr fixed at 3.99%, and this took over from our old rate before it expired.
Having just had a letter advising of our payments now our 2yr fixed has come to an end, we realised that by signing up to the 2yr fixed, there was a significant change to the T&C’s, and we are now tied into a new Standard Variable Rate (SVR) of 3.99%, and can never got back to the BMR.
So that was a costly mistake. Its in the small print, but shouldn’t a significant change be high lighted, like on car insurance where you get a significant changes/exclusions section? I feel done over as I didn’t even know about the SVR at the time, and when I read it, didn’t realise it was a different term to what was used three years earlier.
Is there any point in a letter of complaint? Would it get me anywhere?
My mortgage is still fairly high in term of loan to value so I don’t really have any options to change providers.