Hi,
I'm a first time buyer and poster looking for some help.
I acquired a mortgage offer from Accord in March, 2 year fixed at 2.84% which is valid until September. I assumed this would mean I'd pay 24 payments at 2.84 before moving onto the SVR at 5.99 when I would then remortgage regardless of when our sale actually went through. However I have been told that the "product" expires in February 2015. This effectively means that if my purchase takes until September to complete I will have up to 6 months of my 2 year fixed term at the SVR rate of 5.99 or whatever it is at that time.
Does this sound right? I have called their customer services and it seems my understanding is correct. Surely this isn't how it works as it seems crazy.
Thanks,
E
I'm a first time buyer and poster looking for some help.
I acquired a mortgage offer from Accord in March, 2 year fixed at 2.84% which is valid until September. I assumed this would mean I'd pay 24 payments at 2.84 before moving onto the SVR at 5.99 when I would then remortgage regardless of when our sale actually went through. However I have been told that the "product" expires in February 2015. This effectively means that if my purchase takes until September to complete I will have up to 6 months of my 2 year fixed term at the SVR rate of 5.99 or whatever it is at that time.
Does this sound right? I have called their customer services and it seems my understanding is correct. Surely this isn't how it works as it seems crazy.
Thanks,
E