Afternoon all.
I have a 5 year fixed rate mortgage that I overpay on by the 10% allowed each year without early repayment charge. I signed an agreement that said I will £313.87 per month for the duration of my fix. However, it seems that the company does a review every March and each time decides I should be paying less. The first amendment came after 5 months of the start of my mortgage (£307) and now I have another amendment for this March saying it's dropping to £273.
My question is, can I stop them lowering the payment each time? I'm hoping to pay this off after my fix is over and each time they lower the payment my total payback increases which is extremely frustrating.
I have asked the question directly but didn't want believe their answer :)
Thanks in advance
Darren
I have a 5 year fixed rate mortgage that I overpay on by the 10% allowed each year without early repayment charge. I signed an agreement that said I will £313.87 per month for the duration of my fix. However, it seems that the company does a review every March and each time decides I should be paying less. The first amendment came after 5 months of the start of my mortgage (£307) and now I have another amendment for this March saying it's dropping to £273.
My question is, can I stop them lowering the payment each time? I'm hoping to pay this off after my fix is over and each time they lower the payment my total payback increases which is extremely frustrating.
I have asked the question directly but didn't want believe their answer :)
Thanks in advance
Darren